I have a mortgage question - Home Sweet Home

Theresa · 08-11-2008, 03:27 PM

Recently our mortgage was sold to another company...I get that it happens frequently, but it still irritated me since our mortgage lender told me it wouldn't happen. I also find it ironic that this happened the very next month after our homeowner insurance (which is wrapped up into our loan) went down when we installed a home security system.

Fast forward to Friday when I received a notice from the new company that every year they look into the escrow and readjust if necessary. According them this is done if property values have increased or home owners insurance.

Given the current state of the market, property values have NOT increased since we purchased, in fact they have DECREASED and our insurance went DOWN and not up. Yet they increased our fixed-rate mortgage by $30! It may not seem like a lot but I don't understand why they did this and I'm pissed off! I was just looking for insight before my Husband calls the company this evening to ask why.

LoveMyHalos · 08-11-2008, 03:37 PM

Could you check if the taxes have been re-assessed. I seriously doubt they were and you would think they would have decreased for sure. And if your insurance went down you would think this wouldn't happen. I'd be sooooo mad!

Theresa · 08-11-2008, 07:00 PM

We figured it out. Poopy.

Dori · 08-11-2008, 07:07 PM

What was it?

jlbecker · 08-11-2008, 07:07 PM

what happened? why would a fixed rate mortgage go up?

Theresa · 08-11-2008, 07:28 PM

It was the property taxes...they weren't assessed or some hogwash last year and so to make up for it they were just reassessed and had gone up since the last time it happened. So we're stuck with our $30 increase. After talking to my FIL I don't feel better either. He said theirs has gone up every year since they bought their house in '94.

I hate the Federal Government and their stupid tax increases.

leftover · 08-11-2008, 07:38 PM

Meh.. the mortgage company doesn't have much to do with that.. You need to talk to your county assessor, at the Treasurer's office.. It's not the Federal taxes, but the local taxes the county sets...

You can actually ask for a reassessment, and see if they will adjust it...

Theresa · 08-11-2008, 07:45 PM

I know the mortgage company isn't the one to deal with, but they were the ones that sent the papers. I didn't understand them all so my Husband went through them and that's where he saw the reason for the increase, he didn't actually call. Taxes are to blame though and considering they were just assessed, I doubt they would reassess them...if they did they probably wouldn't come out with much difference. I suppose I'll be happy with it only being an extra $30, it could be worse.

Jo · 08-11-2008, 08:23 PM

Our home goes up every year here in Va. Beach and they readjust our mortgage to cover our escrow. I figure it's just a part of it all, at least it's not going down!

Theresa · 08-12-2008, 07:10 AM

Originally Posted by Jo

Our home goes up every year here in Va. Beach and they readjust our mortgage to cover our escrow. I figure it's just a part of it all, at least it's not going down!

Definitely a good point! That's what they did, adjusted our mortgage to cover the escrow.

08-11-2008, 03:27 PM	#1 (permalink)
Theresa Cookie Queen Join Date: Nov 2007 Posts: 11,193 Classifieds: (7) Activity: 0% Longevity: 34%	I have a mortgage question Recently our mortgage was sold to another company...I get that it happens frequently, but it still irritated me since our mortgage lender told me it wouldn't happen. I also find it ironic that this happened the very next month after our homeowner insurance (which is wrapped up into our loan) went down when we installed a home security system. Fast forward to Friday when I received a notice from the new company that every year they look into the escrow and readjust if necessary. According them this is done if property values have increased or home owners insurance. Given the current state of the market, property values have NOT increased since we purchased, in fact they have DECREASED and our insurance went DOWN and not up. Yet they increased our fixed-rate mortgage by $30! It may not seem like a lot but I don't understand why they did this and I'm pissed off! I was just looking for insight before my Husband calls the company this evening to ask why.

08-11-2008, 07:07 PM	#4 (permalink)
Dori Senior Member Join Date: Sep 2006 Location: Bremerton, WA Posts: 1,802 Classifieds: (0) Activity: 0% Longevity: 53%	What was it? __________________ [blog][myspace][flickr]

08-11-2008, 07:07 PM	#5 (permalink)
jlbecker Damn, it feels good to be a gangsta Join Date: Aug 2006 Posts: 14,418 Classifieds: (0) Activity: 18% Longevity: 55%	what happened? why would a fixed rate mortgage go up? __________________ ~ jamie

08-11-2008, 08:23 PM	#9 (permalink)
Jo MilitarySOS Jewel Join Date: Dec 2005 Location: Oceana-Virginia Beach, Va. Posts: 6,084 Classifieds: (0) Activity: 6% Longevity: 67%	Our home goes up every year here in Va. Beach and they readjust our mortgage to cover our escrow. I figure it's just a part of it all, at least it's not going down! __________________ Allen and I I'm a Squadron Wife I'm 40!!!!!

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08-11-2008, 03:37 PM	#2 (permalink)
LoveMyHalos MilitarySOS Jewel Join Date: Sep 2007 Location: Tustin, CA Posts: 1,124 Classifieds: (0) Activity: 15% Longevity: 36%	Could you check if the taxes have been re-assessed. I seriously doubt they were and you would think they would have decreased for sure. And if your insurance went down you would think this wouldn't happen. I'd be sooooo mad!

08-11-2008, 07:00 PM	#3 (permalink)
Theresa Cookie Queen Join Date: Nov 2007 Posts: 11,193 Classifieds: (7) Activity: 0% Longevity: 34%	We figured it out. Poopy.

08-11-2008, 07:28 PM	#6 (permalink)
Theresa Cookie Queen Join Date: Nov 2007 Posts: 11,193 Classifieds: (7) Activity: 0% Longevity: 34%	It was the property taxes...they weren't assessed or some hogwash last year and so to make up for it they were just reassessed and had gone up since the last time it happened. So we're stuck with our $30 increase. After talking to my FIL I don't feel better either. He said theirs has gone up every year since they bought their house in '94. I hate the Federal Government and their stupid tax increases.

08-11-2008, 07:45 PM	#8 (permalink)
Theresa Cookie Queen Join Date: Nov 2007 Posts: 11,193 Classifieds: (7) Activity: 0% Longevity: 34%	I know the mortgage company isn't the one to deal with, but they were the ones that sent the papers. I didn't understand them all so my Husband went through them and that's where he saw the reason for the increase, he didn't actually call. Taxes are to blame though and considering they were just assessed, I doubt they would reassess them...if they did they probably wouldn't come out with much difference. I suppose I'll be happy with it only being an extra $30, it could be worse.