Large hike in escrow payment could be violation

Large hike in escrow payment could be violation
Q I own a house worth approximately $400,000. The current mortgage is $25,000. A company in Florida took over the mortgage about six months ago. The mortgage company handles the tax and insurance payments through an escrow account. Given the current schedule of payments, the account will have a positive balance all next year. The mortgage company now wants to double the escrow payments.

Read more on Chicago Tribune

Related Posts

• Do you know of any loans that fits this description? If so, what's the name of the company(s) that offers it?
• Can you still refinance if your verification of mortgage comes back bad?
• Our property is $60,000 underwater. Should I foreclose on my ARM mortgage?
• How to convert HELOC to fixed rate mortgage and pay not tax penalty when house is sold?
• Can you prevent a bank from selling a home mortgage to another bank?

Tags: chicago tribune, could, current mortgage, escrow, escrow payments, hike, insurance, insurance payments, Large, mortgage company, Payment, schedule of payments, six months, violation