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This could and does happen - that a mortgage company miscalculates the amount of escrow needed. This happens usually because of two reasons - increase of property taxes and/or increase of property insurance.
That, although the taxes and insurance are not due - the escrow account could already be depleated because of past payments.
Have you asked for an accounting of the escrow account from Taylor, Bean and Whitker?
Then what your going to have to do is demand an audit of the escrow account from Bank of America. They have the duty, obligation, and liability to give you an accounting of the escrow account.
Mortgage escrow accounts are covered under the the RESPA and HUD regulations.
Since 1976 the RESPA statute has allowed lenders to maintain a cushion equal to one-sixth of the total amount of items paid out of the account, or approximately two months of escrow payments. If state law or mortgage documents allow for a lesser amount, the lesser amount prevails.
What you should do is formally demand a mortgage escrow statement from Bank of America for the last two years. You should send the demand by certified mail, return receipt requested to the address where you pay your mortgage. You should state on the letter you account number, the old account number, and anything else you have about the loan.
If they don't send you the information, then I would contact an attorney and file suit in the matter - they must send you the information once requested.
Once I received the information, I would send the information off to a forensic mortgage escrow analysis company and have them review the matter. It very well could be that you have been way overcharged, they have potentially made payments late, or are just incorrect in their calculations.
I already read all that information and laws. My loan is not even a year old. I have the a copy of the current escrow. Nothing has been paid from my escrow account yet cause nothing is due yet. So the money for my insurance that i have been putting money in there for is not there so now they say i have to replace it plus put money in there for the new insurance. I dont have the option to pay my insurance on a monthly bases so i dont have to replace the money that has already been taken. I understand i agree to the escrow when i took the loan I pay the money and they apply it where it needs to go. Well they did not do that. But yet i still have to trust them with my money, only to be held responcible to replace it if it is stolen. They illegal increased my mortgage payment in my opinion and took what they felt they were intitled and not what i signed a legal contract stating i would be responisible to pay. They dont have all my information yet and have tno completed and investigation into escrow but i have to pay the money right now for the escrow shortage. Place blame on me for the missing money. I know it is only 800 bucks but to me that is a lot of money to replace when i already paid it, I have told them this and since they took the loan they have to make it right and make me remake it right. GRRRR I dont mind paying but you did nto tell me anything I did not already found and read. I dont have the money to get a lawyer for there inmoral business practice. I'm not willing to lose my house to make a statement. I know i'm being done wrong and anyone else would feel the same way. Nothing about my loan was to change, the only thing that could affect my payment is and increase in insurance and taxes. I would recieve 30 day notice to that affect. I suppose i should be thankful i'm out only 800 bucks and not losing my house over banks greedy dishonest ways. My escrow is already being looked at by foresics. IT freaking less than 12 old what could there be to look at. With the letter thing they have 60 day durning that sixty days i still have to pay money i have already paid or they could take it as a partail payment and charge you late charges. This is not honest business period. This really just upset me more cause I guess they can do people like this and its okay cause well people like have a limited amount of funds and that is already being asked for to fix the problem that was not even caused by them. well not true I did trust them to handle the money in the correct and honest manner. I'm just bitchin now. Your answer did not help me or inform me with information i did not already find on my own. Which i did put i looked up and read the escrow law. hub and other things.
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