Bank of America sends an escrow account review requesting a payment of ex. $245.94 with the payment slip at the bottom of page one that is due Nov. 1. Yet the doc. states a payment of $255.48 is needed????
They are increasing my monthly payment due to shortage on the escrow pool.
Only on page 4 does it state if shortage is paid in full the payment will be reduced to what it was plus a small amount more.
MY COMPLAINT is that most people will just send in the $245.94 with the inclosed payment slip. Meanwhile, the increase in payments may continue......to BofA untill noticed or the change is made.
This notice is very evasive and has no contact ph. # to question the meaning of the content.
1 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
Evasive?
#2Consumer Comment
Thu, September 24, 2009
"MY COMPLAINT is that most people will just send in the $245.94 with the inclosed payment slip. Meanwhile, the increase in payments may continue......to BofA untill noticed or the change is made."
Why do you assume this? The letter you received is common and standard practice in the industry when an escrow shortage occurs. All they are saying is that you can pay the escrow shortage in a lump sum, or the escrow portion of your payment will be raised to cover the shortage over the coming year.
I got one of these letters in July. It told me what my payment would be if I sent in the lump sum of the shortage, or what the payment would be if I did not send in the lump sum. I chose to send in the lump sum and my payments were kept at the lower figure.
I just don't see the ripoff here. You're complaint seems to be that you believe the bank will charge the higher payment, even if you send in the lump sum. Do you have any reason to believe this??