This is an exciting story because it uses the word "escrow" a bunch:
We are loving our brand new house OTB. Of course, we ended up going with the builder's mortgage company because it was the least expensive. Of course, they sold our mortgage within a week of closing. After one statement, that company then sells it. Enter the geniuses at the super-generically named US Bank.
Apparently we haven't been escrowing enough money. We get a letter stating that our monthly payment is going up by a mere $1000/month. With this statement, they included a nice little black box of a breakdown of what our payment was, which included two different chunks of cash labeled "COUNTY" and no school district, and a MUD tax that doesn't add up to the actual tax percentage. And it's the wrong county.
I call and they open a ticket. Someone will look into it, and get back to me with a breakdown of how they arrived at the numbers, but nobody can talk to me about that on the phone.
Just got two pieces of mail from US Bank. One is a check for about 75% of all the money that I had sitting in escrow. The other is a new corrected statement. Apparently I only have about $50/month in county taxes, about that much in MUD taxes, and still no school taxes. And still the wrong county. Still no breakdown of how they arrived at these new, ridiculously low numbers. Needless to say we'll just cancel the escrow entirely and pay our own taxes when they come due.
If your mortgage gets sold to these geniuses, pay close attention.
We are loving our brand new house OTB. Of course, we ended up going with the builder's mortgage company because it was the least expensive. Of course, they sold our mortgage within a week of closing. After one statement, that company then sells it. Enter the geniuses at the super-generically named US Bank.
Apparently we haven't been escrowing enough money. We get a letter stating that our monthly payment is going up by a mere $1000/month. With this statement, they included a nice little black box of a breakdown of what our payment was, which included two different chunks of cash labeled "COUNTY" and no school district, and a MUD tax that doesn't add up to the actual tax percentage. And it's the wrong county.
I call and they open a ticket. Someone will look into it, and get back to me with a breakdown of how they arrived at the numbers, but nobody can talk to me about that on the phone.
Just got two pieces of mail from US Bank. One is a check for about 75% of all the money that I had sitting in escrow. The other is a new corrected statement. Apparently I only have about $50/month in county taxes, about that much in MUD taxes, and still no school taxes. And still the wrong county. Still no breakdown of how they arrived at these new, ridiculously low numbers. Needless to say we'll just cancel the escrow entirely and pay our own taxes when they come due.
If your mortgage gets sold to these geniuses, pay close attention.