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We have never missed a payment in 15 years on our home, our…

Customer Question
We have never missed...

We have never missed a payment in 15 years on our home, our loan got sold to another company , and we got a bill of 17,000 on top of mortgage for supposedly insurance and taxes? Our payment doubled in price, what do we do

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No , just got a notice today because last month we paid for mortgage and not this extra amount there saying we owe

Lawyer's Assistant: Where is the home located?

Wisconsin

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

With the other loan agency we were always paying late on taxes but we’re paying them and our taxes were only 3000.00

Submitted: 3 months ago.Category: Real Estate Law
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Customer reply replied 3 months ago
Hello
Answered in 52 minutes by:
3/18/2018
Real Estate Lawyer: Attorney Wendy, Lawyer replied 3 months ago
Attorney Wendy
Category: Real Estate Law
Satisfied Customers: 959
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney. I am working on a response to your question and should have that to you shortly. If you are able to provide a copy of the communication you received from the new company that might help me provide a more thorough response.

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Customer reply replied 3 months ago
When they purchase the mortgage from beneficial we owed 113,000, they sent us info saying we owe them 112,000, our then they say they have recoverable advances of 17,000, 0our payment went from 1100, plus 248 escrow taxes plus 475
Real Estate Lawyer: Attorney Wendy, Lawyer replied 3 months ago

As you probably know, the sale of mortgages from one lender to another is common practice and in general changes little about your personal situation other than the address and company to whom you send your payment. That said, some changes can occur or requests for additional payments may be requested if you were behind on any such payments when the loan was transferred. For example, if you are behind on any taxes or insurance premiums, a new servicer may require those to be caught up/brought up to date upon taking over the loan. If you pay those directly and not through your mortgage, a new servicer cannot change the terms of your original loan and require them to be paid through escrow/through the lender, and vice versa. I see from your follow-up message they are now requiring escrow of a total of $723; as long as you were paying these expenses through escrow with your prior lender, it is permissible and common for those amounts to change. Lenders do reevaluate and adjust escrow payment requirements often, sometimes on an annual basis, even when a loan is not transferred. Thus, if local property taxes or insurance premiums have increased or if your prior year's escrowed funds were not enough to pay those obligations, additional amounts will be added and required. You may specifically want to look at how much this year's taxes were and speak with your insurer to confirm premium amounts.

Any disputes you have with the calculations by the new company, should be disputed with that company in writing. At a minimum here, requesting an accounting of how the $17,000 was calculated (if you didn't receive one) may be warranted so you know what you agree with and what you may dispute. Recoverable advances indicates payments made - such as for taxes, which a mortgage company is legally required to keep current - on your behalf where you have not paid the lender enough to pay those obligations; so be sure you have your records of your tax payments regardless whether they were on time or late, if they were made for years in which they are not claiming recoverable advances, that would be one area of dispute. Any disputes are required to be investigated and any corrections made within 60-days.

I am sorry you are having to deal with this situation. Unexpected increases in monthly expenses are hard enough when you know how and why they increased. Here, you should take steps to understand fully the amount being requested to determine exactly what needs to be disputed.

I hope this helps. If you need further assistance, please reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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