Please, if this isn't the right sub for this question re-direct me to a different one. I'm very frustrated. This increase went into effect last month. For last month I took the extra $430 out of savings, but savings won't last long if I keep doing that. This is a HUGE increase for me, and one that frankly I just can't afford to budget for. The bank is claiming that my property taxes have increased so my monthly payments are now increased to keep my escrow account up to date with the current tax rate. I looked into my taxes, and they have only gone up by a little under $100 a year. The bank has not provided any proof that the taxes have gone up by the over $5K a year they claim they went up by. My total property tax is less than $3K a year. How do I work this out with the bank? The bank is not local at all, so I can't just walk in and talk to them in person.
EDIT: I just want to thank everyone who is helping me out here. I'm currently logged into my mortgage in another browsing tab, and reading through all my statements. I'm better understanding how the escrow account works now, but I'm still not 100% understanding how this happened. Since my original post I've learned that my escrow account is in the negative by roughly $700 (that's AFTER the payment I made last month). So I do get that part of this extra is trying to rebuild the escrow account up.
Let's see what else I can learn about this issue.
Submitted December 03, 2018 at 12:50PM by i_luv_derpy https://ift.tt/2KUBRbm
