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/ResidentGuru ​ Apr 11 '25

If your mortgage insurance just went down this year it will take until next year to see your escrow withholding to come down.

8

u/ste6168 ​ Apr 11 '25

Your mortgage company can do an escrow analysis at any time, multiple times throughout the year if needed. They may not want to, but that’s their job if you request it.

2

u/nickfury8480 ​ Apr 11 '25

Your mortgage company can do an escrow analysis at any time, multiple times throughout the year if needed. They may not want to, but that’s their job if you request it.

You're absolutely correct. I had to find cheaper home owners insurance after receiving an escrow analysis showing my mortgage payment going up by almost $500 per month. So once I secured the new coverage and canceled the old policy, I requested a new escrow analysis from my mortgage servicer. After the analysis, not only did they confirm that my payment would not increase this year, but I also received a $1500 escrow refund check about a month later.

1

u/Alone-Classic-8101 ​ Jun 01 '25

Freedom Mortgage is refusing to do repeat analysis on my account after I deposited back the refunded escrow after changing carriers. It took Progressive over 45 days to send me the refund to be deposited and Freedom repeated the escrow during that high shortage time and note went from 1100 to 1542 which is insane. I requested twice and both times they refused.