Mortgage Payment Increase
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Mortgage Payment Increase
We closed on a house a month ago. After making the first payment, our mortgage company says our monthly payment is to increase by 200 because they failed to research and add all taxes for the escrow account. What can we do?
Asked on April 4, 2017 under Real Estate Law, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If they are right about the taxes (and verify this yourself) in that there are additional taxes owed on or for the property, then they are entitled to collect them for the escrow acccount. Even if they missed the taxes initially, they are still due and owing, and you still have to pay them. If the money wasn't being escrowed, you'd be paying the extra taxes directly to the government. They key thing for you is to verify that they number or amount is correct--they can't overcharge you and you could fight that, but they can pass on the correct taxes.
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