My mortgage escrow account has been extremely mismanaged, almost to the point of theft. My home mortgage, like many others, was involuntarily transferred from Taylor, Bean and Whitaker in August 2009 to CENLAR. I have been notified of a "negative balance" in my escrow account and that my payments will be increased by over $200/month beginning January 2010 to offset the shortage.
I have actual payment and escrow records (From TB & W) showing my escrow balance should be considerably positive (about + or - $2, 000). CENLAR's escrow statements show large, unaccounted for disbursements from my escrow account (e.g. city and county taxes were paid twice, insurance paid twice). I have contacted my county tax office and insurance company and received written confirmation from both entities that NO double payments have been received. Where did the escrow monies go? No explanation from CENLAR.
I have submitted two "qualified written requests" as allowed under 12 USC Section 2605(e)(1)(B). I have NOT received an answer that accounts for the missing escrow funds. Does anyone know why we even have a law to "protect" mortgagees from mismanagement when it seems the law has no teeth and a mortgage company can do what they want, including theft!