very high mortgage payment

[bagged123]

What is the name of your state? CT
As you read the title your are probably laughing but here is the issue.
I owned my home now for 4 years and refinanced back in 2002/2003 to get a lower rate. My current mortgage company bought the company that i refinance with. Now the issue is the following.

1. the mortgage company has raised my mortgage payment 3 times in a 2 year period claiming that my property taxes went home. Now my taxes have gone up once since i built my home. I pay to the mortgage company $6000 a year for taxes and insurance and my taxes are 3600 a year and ins is 475 a year, so my payment should've gone up maybe $50 or so.

2. In the 2 1/2 years with this mortgage company my balance has only gone done $3500. Does that seem correct or no?


3. From the time I refinance my payment went from $1240 a month with tax and ins included to to $1500 a month with the tax and ins included.

I know my taxes started at $3450 a year to now 3600 a year and my ins went from 400 to 450,

now should my payment been raised that much?
Since I have an FHA mortgage note is there anyone I can call to talk about this and have them look into it.

I'm paying a mortgage for a (estimated) $200,000 home and my note was for 158,000

need some help on this

 

[JETX]

the mortgage company has raised my mortgage payment 3 times in a 2 year period claiming that my property taxes went home. Now my taxes have gone up once since i built my home. I pay to the mortgage company $6000 a year for taxes and insurance and my taxes are 3600 a year and ins is 475 a year, so my payment should've gone up maybe $50 or so.

First thing you need to do is to see what payments are being made out of your escrow account (usually insurance, taxes, community fees, etc.). Then contact EACH of the billing parties and get your records for the past THREE years, plus your current year. Add them all together and divide by 12. That should be the amount being placed EACH month into your escrow account. Add to that your principal and interest, and you should have your monthly house note.
If it is substantially different than your current payment, contact your mortgage company (preferably in writing) and find out why.

In the 2 1/2 years with this mortgage company my balance has only gone done $3500. Does that seem correct or no?

Yep. The first few years payments on a mortgage typically go towards interest.... with VERY little affect on your principal. To see the effect of early payments, get an amortization schedule for your note. You can get one online at:
http://ray.met.fsu.edu/cgi-bin/amortize
http://www.webmath.com/amort.html

 

[bagged123]

Re

I have all the papers from taxes and my home owners ins policy. I've been sending 300 a month extra to the mortgage company that what is needed.

 

[seniorjudge]

" I've been sending 300 a month extra to the mortgage company that what is needed."

You must make that very clear on your check that the extra is to go to principal (and not interest).

 

[JETX]

" I've been sending 300 a month extra to the mortgage company that what is needed."

You must make that very clear on your check that the extra is to go to principal (and not interest).

I think you misunderstood his post.... and that he is saying he is being 'billed' $300 more a month than the total of P&I and escrow.

If that is correct, then what did your mortgage company say when you contacted them, in WRITING, about a refund of your escrow overage???

 

[Tankerwife]

Generally when you refi, most mortgage companies fail to collect enough to start your initial escrow account. Thus creating a escrow shortage. I would check your Settlement statement to see how much they collected up front.

Did you buy chance get a escrow refund from your previous mortgage company? If you did, that money belonged in your new refi escrow account.

If you do not have a copy of your settlement statement, you can request a copy from your mortgage company. They will probably charge you a fee but it will help you understand what is going on.

Also you need to send a RESPA letter requesting they explain your escrow shortage. This is basically a written request to your mortgage company.