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Friday, February 23, 2007
SO Frustrating...
In case I never mentioned it, we refinanced our mortgage in December. I did this in order to consolidate our Kayla payment Home Equity Line of Credit with our mortgage. My goal was to lower the combined payment. Well, this would have worked had our mortgage company not royally messed up. I get a notice this past week saying they will be raising our payment $250 a month b/c THEY messed up our escrow account. Now, I will say I despise escrow accounts. I've wanted to get rid of mine for a while now, but it has not been a priority with so much other things going on. Well, now that they have put us in a hole with a negative escrow account balance, I'm fuming.
Now I have to start the journey of getting rid of the escrow account and paying our own taxes and insurance. I have no problem with this and it's what I prefer. I am certainly financially disciplined enough to do this. The catch is that in order to do this, I have to first make my escrow account positive. Now this will happen on it's own after our April payment. So I can wait, but then I have to, on top of paying into our escrow account each month, pay our April quarterly tax bill of $1400. Oh, how I wish we didn't live in Jersey right now. The only way out is to cough up that tax bill. Then of course, I'm sure my mortgage company will try and find some loop-hole to NOT let us out of our escrow account. One thing the guy mentioned was that it was a "new" mortgage. Um...we refinanced with the SAME company - so how does that make us "new"? We've only had our mortgage with them for 4+ years...
So even though, our taxes will be paid, even if by them, having a negative balance hangs over my head like I am in a self-imposed debt. It's very stressful on me. So until this is resolved, it will hang over my head. I just hope they don't give me too hard a time next week when I start the pestering of them to get my tax bills out from under their control.
Wish me luck...I think I'm going to need it...
Now I have to start the journey of getting rid of the escrow account and paying our own taxes and insurance. I have no problem with this and it's what I prefer. I am certainly financially disciplined enough to do this. The catch is that in order to do this, I have to first make my escrow account positive. Now this will happen on it's own after our April payment. So I can wait, but then I have to, on top of paying into our escrow account each month, pay our April quarterly tax bill of $1400. Oh, how I wish we didn't live in Jersey right now. The only way out is to cough up that tax bill. Then of course, I'm sure my mortgage company will try and find some loop-hole to NOT let us out of our escrow account. One thing the guy mentioned was that it was a "new" mortgage. Um...we refinanced with the SAME company - so how does that make us "new"? We've only had our mortgage with them for 4+ years...
So even though, our taxes will be paid, even if by them, having a negative balance hangs over my head like I am in a self-imposed debt. It's very stressful on me. So until this is resolved, it will hang over my head. I just hope they don't give me too hard a time next week when I start the pestering of them to get my tax bills out from under their control.
Wish me luck...I think I'm going to need it...
4 Comments:
We had to pay a higher mortgage payment for a while because our house was re-appraised. It stinks to have that come out of the blue (they raised our payment a whole year after appraising!)
You'll get through it!
They're re-assessing our whole township in the next year or two. That REALLY scares me.
In December I got the "You owe us $700.00 dollars now or we will increase your mortgage next year" letter. Hey, thanks for the warning. I really hate mortgage companies. I'm trying (the operatitve word here is trying) to add an extra $50.00 a month to escrow so this doesn't happen again next year. We have had an escrow deficit every year since we moved in. Yes, our taxes go up every year thanks to random levies that pass. We live in one of the highest tax paying counties in the state. But we new that when we moved here (good schools) so I can't complain about the taxes, just the escrow. Sorry that happened to you.
That completely stinks. I think part of what makes it so frustrating for me is that I feel like there's lots of circular speak involved with mortgages and escrow. Like it's never quite straightforward.
Bluck.
Hange in there!
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