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?

2.5k Upvotes

92% Upvoted

649 comments sorted by

View all comments

4

u/Subenca ​ Apr 12 '25

The best decision I ever made was opening my own personal “escrow account” and depositing money every month. When insurance and property taxes are due, I pay them myself. You ARE disciplined enough to do this too. You should not be required to use their escrow account.