Hmmmm ... I have read what others have written about Countrywide (in
other sites, not just this one) and I'm really beginning to question a
recent change to my Escrow account. I understand the need to increase
my monthly escrow payment because of increase in city taxes and
homeowners' insurance, but they have me paying an additional $32 per
month above and beyond the justified increase. I am definitely going
to check into this further because it sounds fishy.

In article
,
Mary Beth wrote:

Hmmmm ... I have read what others have written about Countrywide (in
other sites, not just this one) and I'm really beginning to question a
recent change to my Escrow account. I understand the need to increase
my monthly escrow payment because of increase in city taxes and
homeowners' insurance, but they have me paying an additional $32 per
month above and beyond the justified increase. I am definitely going
to check into this further because it sounds fishy.

Yes, you need to check into that. In fact, you really should
check into it before slandering a fine upstanding member of the
American business community. I have a Countrywide loan, and I
find that they are very accurate with their accounting and have
an excellent customer support team. I would find it very unusual
for them to suddenly pick a good customer at random and try to
steal money from them. Not when the consumer laws are so tight
when it comes to mortgage lending.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * *
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

"Mary Beth" wrote...
Hmmmm ... I have read what others have written about Countrywide (in
other sites, not just this one) and I'm really beginning to question a
recent change to my Escrow account. I understand the need to increase
my monthly escrow payment because of increase in city taxes and
homeowners' insurance, but they have me paying an additional $32 per
month above and beyond the justified increase. I am definitely going
to check into this further because it sounds fishy.

Been there, done that, couldn't get a T-shirt...

The company that serviced our mortgage in Virginia Beach back in the 80s was
pretty sleazy, and tried to milk us for the escrow $$. They claimed they were
forced by VA or FNMA regs to use a particular accounting method. I found on the
VA web site that that accounting method was specifically discouraged (though not
prohibited). After letters to the state and federal banking regulators, I
finally got the payment reduced and a refund of prior excess charges.

In article ,
Mary Beth says...

Hmmmm ... I have read what others have written about Countrywide (in
other sites, not just this one) and I'm really beginning to question a
recent change to my Escrow account. I understand the need to increase
my monthly escrow payment because of increase in city taxes and
homeowners' insurance, but they have me paying an additional $32 per
month above and beyond the justified increase. I am definitely going
to check into this further because it sounds fishy.

First of all, any escrow overage will stay in the escrow - it won't go off into
someone's pocket. At worst, this is an opportunity cost to you, but would you
really save and invest that 32 dollars a month?

Also, consider that the increase may be not only to cover any shortfall in the
escrow due to tax/insurance increases this year, but also to cover an estimate
of the increases in the following year to avoid a shortfall then.

Banty