Bank of America Upcharging escrow accounts and not paying when due Simi Valley, California
My mortgage was with Countrywide and bought out by bank of America. I always pay a little more than is due in order to pay off my mortgage early. Bank of America never sends monthly statements and when I questioned them about it I was told by Gary that it is because I always pay on time; that i should view my statements and payment history on line. When I logged in on line I found that my EXTRA I was paying was not being applied. I called again and was told that AMAZINGLY they raised my escrow account to match EXACLTLY the extra I was paying on my mortgage. I am being charged a "shortage payment" just in case my homeowner insurance raises or my taxes raise. I can't help but remember when my husband had to call no less than 10 times to have then actually pay our homeowners insurance. So they are charging me more money every month just in case my yearly payments rise and not even paying them when it is due. I want a way out of having to deal with bank of America and my only option seems to be to refinance for around $4000.00. How is it that you can get stuck with a shady rip off company when I never signed a contract with them!