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Americas Servicing Co. / Mortgage Payment

Cape Coral, FL, United States Review updated:
1
I seem to have dificulties getter a hold of American Servicing Co., two weeks ago I called them and they told me that I have an overpayment in my escrow account of $914.00 and when I requested that money back they told me that they could not do that and that they will send me $336.00 of that money. When I asked why they told me that the rest of the money is for my taxed for next year.

It is hard enough for me to pay my mortgage now and they are worried about my taxes for next year. What kind of service is that? If a customer overpays they should ge their money back and not have the company hold it for the reason that they want. The customer should be given an option and not an excuse. I can tell you for sure that I am not happy with this company and I have been a customer for two (2) years.
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Al
  18th of Dec, 2007
Agree Disagree 0 Votes
I believe that your frustration comes from the customer service department not clearly explaining the purpose of the escrow account. The escrow account is a separate fund dedicated to primarily paying taxes and insurance. They may have had to use the funds to pay an upcoming tax bill. I believe you said that the agent stated that it was for taxes for next year, this may be due to tax payments in your state and county. Some states require tax payments quarterly where others are semiannually or annually. By law they cannot keep any funds in escrow that are not needed to pay a tax or insurance bill. Call your servicing company back and ask them for a copy of your last escrow analysis and when you receive it call them back and ask for someone in the escrow department who can explain the analysis to you. Many times mortgage issues may look and feel wrong if someone does not take the time to explain the rules and regulations to you. There are a number of laws in place to protect you and your escrow dollars.

Al
Ro
  19th of Jan, 2008
Agree Disagree 0 Votes
I AGREE WITH MR SMITH. BY LAW ASC HAS TO RETURN YOUR MONEY IF ITS NOT NEEDED...REMEMBER THAT THERE IS AN ANALYSIS DONE ON YOU ACCOUNT ONE A YEAR. THE MONEY THAS BEING COLLECTED IS BASED ON WHAT WAS PAYED FOR A PREV YEAR, DUE THAT THE MORTGAGE COMPANY DOES NOT KNOW IN ADVANCE HOW MUCH INS OR TAXES ARE TO BE PAID, SO THEY HAVE TO COLLECT BASED ON WAS WAS PREV PAID TO INS AND TAX....EXAMPLE....IF IN 2006 YOU PAID 2500.00 IN TAXES, THAT IS THE SAME AMOUT THE MTG COMPANY WILL BE COLLECTING TO PAY IN 2007. IF IN 2007 THE MGT COMPANY PAYS 2800.00 FOR TAXES, THATS HOW YOU BECOME SHORT BECAUSE THEY ONLY COLLECTED TO PAY 2500.00. ALOT OF PEOPLE DONT UNDERSTAND THIS. BUT REMEMBER THAT EVERYTHING THAT IS PAID FROM ESCROW IS BASED OR COLLECTED ON A 12 MONTH BASIS, AND SOME MGT COMPANIES REQUIRE TO HAVE 2 MONTHS OS ESCROW PYMNTS AT ALL TIMES.

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