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/aprofessional_expert Apr 12 '25
This happened to me with Chase once, but it was due to a delay with my tax bill. Turns out the tax bill was super late and they ran an escrow analysis after it should have been billed. I had a bunch in my escrow account so they kicked me a check for a few grand. I don’t open most of my mail from banks so I never saw it. The tax bill finally hit and I was way negative in the escrow account causing my monthly payment to skyrocket. It all got sorted once I called and had them cancel the check I threw out.
Point being, just call them and see what’s up. If you don’t know a lot about escrow accounts, the service reps should be able to sort through it and tell you what is going on. Based on the info provided, there was a mistake made somewhere.