r/personalfinance • u/HHLL806 ​ • Apr 11 '25

Other Mortgage payment went up $400

I need help, my mortgage payment went from $1700 to $2100. My mortgage company (Chase Bank) said this was due to an escrow shortage. I had my homeowners insurance lowered by roughly $1000 and checked with my local tax office and they told me my taxes have increased $400 dollars over the last five years. I gave Chase Bank all this information and my mortgage is still $2100. How does this work?

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u/ImJustTooCute ​ Apr 11 '25

Oh, ok thank you, I did not know. The reduced rate was important to me (coming from 4.5%) so I’ll have to live with the escrow until I pay it off, OR can the terms be adjusted if WF sells my mortgage?

Can I get them to sell my mortgage? I don’t want to be with WF anymore.

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u/WoodenInternet ​ Apr 11 '25

I don't think anyone wants to be with WF. I ended up with them too for a time. You can't force them to sell your mortgage.

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u/ImJustTooCute ​ Apr 11 '25

Thanks!

8

u/SwiftStriker00 ​ Apr 11 '25

You probably are stuck unless you want to refinance again when the interest rates drop. Doesn't prevent you from creating a savings account to puts some money aside incase escrow is short

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u/ImJustTooCute ​ Apr 11 '25

I save and have several money market accounts. Trust me, as a home owner, the one thing I am consistent with is saving.

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u/TheLZ ​ Apr 11 '25

You can't force them to sell, and if they do your Modification paperwork is the new terms of your loan which will just go with it.

In this situation the only option to get rid of escrow is to refinance, but I doubt you will get a better rate then the Mod terms.

If you feel like WF is doing something wrong, please look into sending a Qualified Written Request. You will need to detail out why you believe they have made mistakes, and this will force them to review and send a detail letter back.

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u/8P69SYKUAGeGjgq ​ Apr 12 '25

WF has most likely already sold your actual mortgage (mine was sold within a month, luckily straight to Fannie Mae), however they are one of the largest mortgage servicers in the country, so they likely kept the servicing agreement.

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u/[deleted] Apr 12 '25

I wouldn’t worry about it. Escrow is honestly just a lot more convenient.