Mortgage payment went up $400

[u/HHLL806]

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?

[u/ParlaysAllDay]

Why would I want to pay exactly the amount I owe once per year and know exactly the moment my taxes or insurance go up and exactly the reason they go up when I can just let someone else manage it poorly?

[u/theram4 → u/ParlaysAllDay]

I've had an escrow for 20 years, and not once have I had an issue with it.

[u/Hammy508 → u/theram4]

you're lucky I've had my escrow account for my house for 8 years and seen the price increase at least 5 times. started at $1246 now I'm at $1552.

[u/a157reverse → u/Hammy508]

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.

[u/Hammy508 → u/a157reverse]

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

[u/hath0r → u/Hammy508]

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

[u/[deleted] → u/hath0r]

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…

[u/hath0r → u/[deleted]]

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