Miscalculated escrow payments by the bank

Question: The bank that holds my mortgage miscalculated my escrow payments for last year and I now have a substantial shortage. They claim they were misinformed by the mortgage holder they purchased the loan from. Should I be held responsible for this discrepancy?

Response: You can request a payment history from the bank and see how the funds were applied. You should know what your escrow payments are, as you get the statements from the bank and from the city/county. Therefore, if you notice a mistake, you can argue with the bank over the wrong information. Please note that taxes typically go up every year or so, and that your taxes could have gone up a while back and you might not have noticed, while the bank has rendered the difference. Typically, if there was a mistake made on the part of the bank and you can prove that mistake, the banks will credit your account for the mistake made on their part.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information. Copyright © 2013 Law Office of Svetlana Kaplun, P.C.

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