I am SO frustrated at my mortgage company.
When they set up our loan, they estimated our property taxes for the year. Our mortgage payment has several parts: PMI (mortgage insurance), payment, homeowner's, and escrow for property taxes. Of our total monthly payment, *20%* of that payment each month is the escrow amount.
Fast forward to tax time. Instead of what *they* estimated in property taxes, our tax bill came almost HALF what they expected.
I called them up. They said they do the escrow analysis in early December, any overage amount will be sent to us in December, and any adjustments to our payment should be reflected in that analysis.
You'd think that our payment would go down, right? At least a couple hundred bucks a month, since taxes were low.
NO. They looked at last year's "estimated" number and just plugged that puppy into their calculations INSTEAD of the "actual" number for taxes.
Our payment did not change. They WILL get a call. There is no reason for us to be paying almost twice as much into escrow as they are going to pay out (while it makes for a nice holiday time check - i'd rather get interest on it myself).
GRRRRR! We pay on time, we're not subprime, and those idiots can't even look at one stinkin' number to make sure their calculations are on target?
Okay, off my soapbox now.