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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 118087
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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I have a fixed rate on my mortgage, how possible is it to be

Customer Question

I have a fixed rate on my mortgage, how possible is it to be paying $1200 for a full year then jumps up to over $1700 the other year, no tax or insurance increase. Servicing company saying I have shortage in my escrow, my question is if there is no increase in either my taxes or home owners insurance then how is my escrow becomes short?. Is this a scam?
Submitted: 10 months ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 10 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

The only way your monthly not could increase is if escrow increases for any reason, which can be for "anticipated" increase in taxes and insurance and fees paid by the mortgage company. Other than some increase in anticipated escrow, you say the taxes and insurance are not changing, there should be no change in monthly premium. You are entitled to an escrow statement and a mortgage statement which should show the reasons for the increase in monthly payments and you need to demand that from the mortgage company.

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