Nationstar Mortgage / huge increase in escrow
My mortgage was sold from Bank of America to Nationstar mortgage. I no longer get paper statements (but I did not elect to have them stop). I never received any escrow summary/annual review, but today got an email and notice in the mail that my payment was in suspense (not being applied to my loan) because my escrow had been increased. I had no idea. The payment will not be applied to my account until they get the additional funds. They were kind enough to tell me that late fees will be assessed today - how convenient since I only found out today. Additionally, if I want to pay online to avoid the late fees, there is a $9.95 charge.
I called to complain and they kept telling me that the increase is required. They tried to fool me into believing it was required by law...little did they know I am an attorney. They also told me that all mortgage companies do this...well, Bank of America and Countrywide never increased my escrow payments so they could have a 1/6th cushion. There is no good reason $1, 000 of mine should sit in their accounts earning interest for them instead of in MY savings account earning interest for me. What a shady company.
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