I bought my home September 2017, the previous owner had a homestead tax credit previous years that ended when she passed away in December of 2016. I, and apparently everyone else involved in the sale, was not aware of it when buying the house so I was undercharged on the initial escrow payment at closing which has now resulted in a significant escrow shortage. I got my annual escrow analysis a week ago (in which I did my own research and discovered the removal of the tax credit) and they said they are increasing my monthly payments by $200 starting next month or I have to pay $1,400 now and a $75 increase in payments to make up for this shortage, both in which I can't manage. I'm a single mother on a budget and I feel like a one month notice is completely unethical. I'm trusting my mortgage company to pay my bills and I feel like since they had known earlier in the year that there was going to be shortage I should have had more notice so I could have planned. Now I have no idea how I'm going to manage this. My loan requires that an escrow account be maintained for the life of the loan so I can't close escrow account with them.
Read more: https://allmortgage.net/forum/can-my-mortgage-company-increase-my-payments-without.html
