My loan for my house was sold to PennyMac in 2019 and I subsequent refinanced though them for a lower interest rate in 2020 (4.25% to 2.99%). My initial monthly payment went from $1380 to $1271. I just got a letter that due to escrow shortage I’ll begin paying close to $1700 per month. I chose to pay my property taxes twice a year, an option I chose with PennyMac. My property taxes go up 10% per year, so a 30% jump in escrow makes no sense. My insurance has not gone up either. I’m really confused and honestly furious that my monthly payment is now up $500. How do they miscalculate so miserably when all this information was known????
Submitted July 31, 2021 at 01:29AM by keenerperkins https://ift.tt/3ieiSL7
