where in the world did my escrow go?
My mortgage company Taylor bean and whitaker was closed, now bank of america has my loan and got to talk to them today, My homeowners insurance and taxes are escrow-ed since i have a fha loan, got a notice of cancellation for my homeowners , and bank of america said they have none of my escrow money.I had to pay 2 months out of pocket for my insurance, and now with my taxes coming due i can’t afford 1800 that is what the escrow was for…ANY advice is appreciated..thanks
Have you had the loan for long? Did your old statements include escrow. If you have had the loan for less then a year and your payments were lower then they quoted and you thought you got a deal it could be because they never collected for your escrows, meaning you could…
A – pay it yourself (which of course sucks I know)
B – get your original paperwork that shows you should have an escrow account, and ask BOA to start one. If they agree to pay it for you then your payment amount will go up some time next year when they increase your monthly bill to make up for the shortfall for the escrow account. This option kinda stinks to but at least you don’t have to shell it out all at once.
C – check with your tax guy to see if maybe this Taylor place sent in your escrow funds for your taxes for the year – cause they usually pay in bulk so depending on when the taxes were due and when the bank closed they may already have this years payment. (which is the only option that rocks)
Good luck
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