Wilshire Credit Corporation did a forced placed hazard insurance on our account. We provided documentation to the lender that we have had insurance since the date of purchase thru the home owners association. Their insurance company said they were charging us 799.94 dollars a year however according to the monthly statements they were charging us 230.89 a month. pulling 27.61 from the escrow account putting the escrow account into the negative 1, 800.00.
I was told from their insurance company that once they verified insurance from the home owners association they would credit our account. The funds were never credited back to our escrow account and as a result of the funds never being credited back to our escrow account, they raised the escrow from 605.00 a year to 805.00 that is a 200.00 dollar increase. The property value has not gone up. In fact from 2006 to 2008 the property value dropped from 113, 000 to 105, 000.
I contacted the county tax assessor and they sent me a copy of the real property valuation and it does not justify the reason for the 200.00 increase for the escrow and as orginally stated on the loan we pay our insurance directly to HOA which also includes the payment for the water, trash and lawn. I sent a certified letter to the Loan Servicing agent asking for an explanation on the lack of funds in my escrow account and a reason for 200.00 increase on my escrow account when the value of the property has not gone up and our hazard insurance is paid thru HOA.
My mortgage payments have never been behind just late and we do owe late charges which is 30.00 after the 10 of every month. Every month I am becoming more and more delinquent with this account. They have added a 445.64 suspense account and 306.00 as other when just last month the other was only 135.73 Wilshire Credit Corporation will not provide me a written statement for the continued increase in the suspense account or other account or what happened to the monthly funds that were to be applied to my escrow account.
When I call they charge me with missing payments but i have money orders for some, express mail signatures on others and withdrawals from my checking account. If they were totally on the up an up I would have written reasons coming from someone but no one wants to provide the reasons for these charges in writing.