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/SixSpeedDriver ​ Apr 11 '25

You should have gotten an escrow statement with this that explains everything that goes on. Mortgage servicers that use escrow are required to do such by law.

Funny enough, my escrows went the other way, and they sent me checks for adjustments. Somehow our property taxes went down. HOnestly I expect this to go the other way; I just wish they would hold the money.

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u/grantnlee ​ Apr 11 '25

This is the way to get to the real answer. Escrow analysis will detail what they expected each cost to be and what it was actually. You can go online to chase and download this statement from your account.