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My mortgage company is charging me an unknown fee that is…

Second opinion] My mortgage...

Second opinion] My mortgage company is charging me an unknown fee that is unusual. My loan was transferred about a year ago. My previous mortgage company never use to charge me this type of fee. Is there any way I can stop these thieves from stealing from me?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Florida

Lawyer's Assistant: Has anything been filed or reported?

I made a few phone calls to them questioning them. None of what they're saying makes any since to

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Well this all has to do with my escrow

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Answered in 17 hours by:
12/30/2017
Bruce Schreiber
Category: Real Estate Law
Satisfied Customers: 307
Experience: Attorney At Law at SELF
Verified

Welcome & thank you for your question. I am the professional that will be assisting you. I am reviewing your question & will be with you shortly.

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Can you tell me the description of the fee as it appears on your statement?

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Customer reply replied 4 months ago
My new mortgage company, that was a transfered in December 2016, is charging me a shortage fee in my escrow which increases my monthly payments. I have never heard of such fee. My previous mortgage company never use to charge me for any shortage fees. I added everything up from month to month, there aren't any shortages that I should be charged for.

When you say your mortgage was transferred in December, 2016, do you mean it was sold, or you refinanced?

Generally, your monthly escrow payment gets adjusted yearly based upon the changes to you annual taxes and your homeowners insurance premiums. If they are indicating a shortage, that evidences that the estimated amount in the prior year that was collected was insufficient to cover the actual charges. This usually occurs when the closing agent underestimates the initial escrow deposit or the amount of upcoming required payments.

It is perfectly legal for the lender to adjust your payment so there will be no shortage moving forward. However, it is quite out of the ordinary for them to charge you a "fee" for this. Are you certain it is a fee, or it is simply an additional up front amount to placed into your escrow account?

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Customer reply replied 4 months ago
its a shortage fee. Although I didn't have any shortages. My payments covered all the charges. The fee is fraudulent

Have you contacted the Lender for an explanation?

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Also, while you may not have had any shortage until now, it is possible higher escrow payments are needed due to upcoming amounts due in the next year.

However, they still do not have the right to charge a "fee" for making these changes.

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If you do not get satisfactory answers from the Lender you should file a complaint with the State agency that regulates mortgage lenders in your state.

Go here:

https://www.flofr.com/StaticPages/FileAComplaint.htm

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Bruce Schreiber
Category: Real Estate Law
Satisfied Customers: 307
Experience: Attorney At Law at SELF
Verified
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Category: Real Estate Law
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