Chase Mortgage raising bill payments each month?

[mcsoul 10+ year member]

Her escrow account probably came up short. This kind of thing can

happen for instance, if her home owners insurance company got her

in on an introductory rate or if her rates went up due to another reason.

 

[loopkiller 10+ year member]

All I can say is that if her payment amounts are sent to her monthly, I would have to wonder what type of mortgage company she is dealing with. My mortgage company gives me a payment coupon book for each year. The payment amount might vary slightly year to year based on my escrow payments. My taxes and insurance are escrowed and they do vary from year to year. Since the home values in my are have varied greatly in the last 3 years (way up, then way down) that has impacted my payments. But like I said, they evaluate my escrow account once a year and then issue a new set of coupons based on the new number.

I also bought a 7yr ARM. The idea for me was to get in at a lower rate and then refi when the rates dropped. Guess that little idea worked out pretty good for me. When I bought my house in 2003, the 30yr fixed rate was about 6.5 to 7.0%. I got a 7yr ARM at 5.875%. Just this week, I started the refi paperwork to lock in at 5.75% fixed. I know it could have gone the other way, but I took my chances and it paid off.

So to the OP, if you would like more help, it is likely that we would need more info. It definately sounds strange for sure. I would have to say that if her rate is adjusting monthly, then she probably does not have a conventional mortgage. And, if she defaults on that mortgage, they will simply foreclose on that property and she will only lose that. If she wants to avoid that, she could sell it, even short sell it and avoid the negative credit impact. Even if she has to short sell the property, the bank will forgive the shortage amount and she can walk away.

 

[Flipx99 5,000+ posts]

I don't escrow my shit...I collect interest, not someone esle.

 

[loopkiller 10+ year member]

Yeah I have an interest bearing escrow account, so it is just fine with me. It has to be paid anyways, so why not pay it in small chunks?

 

[WhoSayWho? 5,000+ posts]

PS> dont bother refinancing.... no one can right now.... go try and get an auto loan. 800 score will get you a 12% interest rate at best.

Wow, you must really **** at your job. That's complete BS.

 

[squeak9798 5,000+ posts]

Wow, you must really **** at your job. That's complete BS.

Indeed.

To the OP: Not enough info to tell. Her best bet would be to call Chase & not to get off the phone until someone can satisfactorily explain it to her.

 

[IamDeMan 5,000+ posts]

I don't escrow my shit...I collect interest, not someone esle.

I lack the discipline for this maneuver. It is the way to go though.

 

[snoopdan 5,000+ posts]

I say we ban the loan guy on national economical interest alone.....or spite, whatever you wanna call it //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[IamDeMan 5,000+ posts]

I say we ban the loan guy on national economical interest alone.....or spite, whatever you wanna call it //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

I like your thinking. I think Goob should send you a T-shirt for this suggestion.

 

[snoopdan 5,000+ posts]

I like your thinking. I think Goob should send you a T-shirt for this suggestion.

Im always thinking for the collective good of man //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

that of course is bullshit

 

[Banana Balls 5,000+ posts]

I don't escrow my shit...I collect interest, not someone esle.

I lack the discipline for this maneuver. It is the way to go though.

Uh... Interest bearing escrow accounts ya heard.

 

[Flipx99 5,000+ posts]

Uh... Interest bearing escrow accounts ya heard.

The interest they pay is minimal. You can get better rates with 1 yr CDs.

 

[mcsoul 10+ year member]

The interest they pay is minimal. You can get better rates with 1 yr CDs.

But my time and convenience is worth more that $50 a year.

 

[Flipx99 5,000+ posts]

But my time and convenience is worth more that $50 a year.

Depends on how much you pay in taxes and insurance.

For me, it's just the idea of getting a better rate.

For people who pay several thousand/yr in property taxes, it can be a nice chunk of change.

How much effort is it to cash a check?

 

[Banana Balls 5,000+ posts]

The interest they pay is minimal. You can get better rates with 1 yr CDs.

Give me the equation that can show me the amount of money I'd profit off the CD deducting the worth of my time consumed with the added tasks inherited in adding to the process of paying more bills each month, vs the amount of nominal interest I'm getting today.