Nationstar Mortgage Head of the Escrow Department of Nationstar Mortgage They raised my monthly mortgage payment by $1500 a month after purchasing my loan from Bank of America Lewisville Texas
Bank of America sold out loan to The Nationstar Mortgage Company in Texas. After one month they raised my monthly mortgagr payment to $ 4,024.68 from $2,514.54. I have sent them a registered mail asking them to reverse what they have done, but they have not even botthered to respond to my inquiry. We always paid our property taxes ourselves directly to the Los Angeles County. When Nationsar took over the loan they decided to pay the real estate taxes themselves and add a hefty escrow account of $11,452.15 to my loan & force us to pay over $1500 a month for it on top of our regular monthly mortgage. I have called, wrote letters to them with no reply from them. They are rip off artists. Someone should put them out of business.
1 Updates & Rebuttals
Ken
Colorado,A question or two....
#2Consumer Comment
Wed, June 18, 2014
What are your annual property taxes?
If they set up an escrow account for $11,452.15 @ $1500 dollars additional per month that would work out to $1500 X 12 or
$18,000 a year for the tax escrow. This just doesn't add up. It the escrow amount is about equal to your annual taxes, you aren't out any money as you would have to have the money available to pay the taxes in any case. MANY lenders, now REQUIRE escrow accounts to protect their property...yes it IS theirs until fully paid for.
What's the Ripoff and on what legal basis should they be put out of business by someone? Who would this someone be?