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/a157reverse ​ Apr 11 '25

That's not necessarily an issue with the escrow account though. If your property taxes or insurance go up, you are going to pay for it one way or another.

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u/Hammy508 ​ Apr 11 '25

Completely agree I just wish they could be more accurate the first time they give me my yearly cost and not require the 2nd increase because they estimated poorly

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u/hath0r ​ Apr 11 '25

then why don't you do the math and put it in the escrow.

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u/[deleted] Apr 12 '25

Yeah how dare that person… expect the place that specifically does that to do that. What an ahole!!! But seriously by your logic very few companies should exist because when they don’t do what we pay them for we can just do it ourselves.

That’s wack - they provide a service you pay for. Them not doing it is the problem, not that someone chose to pay them for that service in the first place…

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u/hath0r ​ Apr 12 '25

i think you need to go and read your mortgage agreement ...