I closed my home with a 1650.00 payment in 2009. 2010, I get a letter saying they miscalculated my property taxes and now payment being raised to 1820.00 (almost 200!?) I have been paying it (barely) for nearly 2 years, even though they said it would be lowered in a year.
Called today to see why it still hasn't been lowered. They said will reassess again in December. I asked why I was approved for 1650.00 and now it's at 1820.00. They said that property taxes "fluctuate".
I have all my statements and nothing has fluctuated. She finally admitted when I closed they made a miscalculation and when my negative escrow is paid, my payment will be 1780.00 from now on. What!? I didn't qualify for that payment when I closed.
That is $130.00 a month more than I agreed too. Is this legal? They made the mistake at calculating my property taxes at $990 instead of $2551 (huge discrepancy). Do I have any recourse?
I am having problems making my payment because of the increase and couldn't get through the loan modification because I'm self employed.
Any advice appreciated. Lisa1342@gmail.com
Product or Service Mentioned: Flagstar Bank Loan Modification.