Mortgage Question: Our Mortgage Payment includes an Escrow Payment that was opened due to delinquent

Asked by Beth, San Jose, CA Wed Jun 10, 2009

property taxes. We are having a tough time making our mortgage payment, and with the added escrow payment are really struggeling. Our Mortgage Company said that they won't accept our Mortgage only payment and will put our payment in a hold account until the full balance, including the escrow payment is received. We're afraid this will cause us to have a 30-day late, so we've been advancing on our credit cards & taking money out of our 401K to make our monthly payments, which is a viscious cycle, since we are now more in debt and struggling more. Does anyone know if the Mortgage Company can hold our mortgage payment and thus cause us to be 30-days late if we don't include the escrow payment?

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4
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Tue Aug 20, 2013
Well, has your credit been ruined in this process?

If not maybe we can refinance it, and pay off the taxes at the same time. Call me even if has been ruined and let's see if we can figure something out, I am very creative.

949-297-1207

Rich Littlefield
Tri-Emerald Financial Group
NMLS 287206
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Jun 11, 2009
Beth
I sounds like you have an impound account set up so when the property taxes are due, there are funds available to pay the county property tax.

Based on your question you appear to be confused about this. How long have you had your loan? You might want to talk with the lender that helped you obtain the loan to find out more about the structure. From the mortgage company's point of view, your monthly payment needs to cover all the costs, which include principle, interest, probably some sort of mortgage insurance, and the pro-rated property taxes.
0 votes
Erica Pittma…, Agent, Santa Cruz, CA
Wed Jun 10, 2009
Hi Beth-
Erica Pittman-Gaynor with Keller Williams here. I would recommend you talk to a trusted lender. They could answer your primary questions and give you resources on where to start. There certainly are steps you can take. If you would like to talk to a couple lenders that I trust and have worked with for years, I would be happy to get you their contact info. I always recommend talking to at least two lenders so you can compare what they are telling you. If it's two completely different scenarios you know you need to find out why.
Let me know if I can help further~
Have a great day.

Erica
0 votes
I agree with Erica on this. Get at least two different sets of eyes looking at your scenario. With values on the increase in San Jose you may have a chance at refinancing if your credit hasn't suffered.
Flag Thu Sep 26, 2013
Bob McClure, Other Pro, Walled Lake, MI
Wed Jun 10, 2009
beth....the answers is yes, they can.......i know that's not what you wanted to hear........you must have had some equity going in to avaoid escrows.......is there enough equity now to roll your loan and get the rate down, possibly consolidate some credit card debt?..bob mcclure- success mortgage partners- plymouth, michigan...
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