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mortgage was sold and now i'm paying more - help

i do not know what is accounting for the higher payment. i only know the mortgage sold and now i owe more somehow. should i refi and get out of this? my rate is high anywway from when i purchase. please help thank you by leonardwcotter762... from Douglass, Texas. Oct 29th 2014 Reply


CLYDE PENTON (GAlenderforheroes)
#90 ranked lender in Georgia - 27 contributions

Good afternoon! I would need more information to be certain as to the reason for the increase in payment. Do you actually owe more on the balance or just have a higher payment? If it is just a higher payment, that can occur due an adjustment to your escrow account. If your interest rate is high, then refinancing may be a great option for you. Let me know if you have any questions, or if I can assist in any way.Clyde Penton NMLS# 979755 Bank of England 404.604.7013

Oct 29th 2014
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Rich Bonn (RichBonn2818411723)
#177 ranked lender in Texas - 50 contributions

Mr Cotter: Did the new lender send you an escrow account statement that outlines any escrow deficiencies? Do you know if your property tax or homeowners insurance increased significantly in the past year? Both of these can be reasons that your payment increased.There is also always the slight chance that there was a data entry error when transferring your mortgage. If your interest rate is currently at or below market rates, and your mortgage is working for you (other than this payment increase), I would encourage you to discuss this with the new mortgage lender. If it is not, then this may be the opportune time to re-evaluate your mortgage loan to determine whether or not a refinance would be right for you. Remember that when doing a refinance, often the payment appears to be lower because you are starting your loan term over, and the monthly cash savings may end up costing you over the long haul because you may have just added years to your loan. If you have any further questions, please feel free to call me at 281-841-1723Rich Bonn NMLS 278696

Oct 29th 2014
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Joan Gallardo (apply@clearlending.com)
#197 ranked lender in Texas - 23 contributions

Call your bank/lender and ask to break down your monthly payment and find out if bank has recently experienced a shortage in funds when bank tried to pay yearly property taxes and/or homeowner's insurance renewal. I would think the sudden increase has to do with the fact taxes and insurance may have gone up after time while your monthly payment has been steady forcing bank to increase your monthly payment to adjust and finance past shortage in escrow plus future escrow reserves buildup necessary for future payments. If shortage was considerable you may experience a high increase for 6 months or so until shortage is fully covered. In any case escrow dept. from bank should be able to explain why the increase. Another reason could be re-classification of zone into flood area. Although this is more improbable but still a reason.

Oct 29th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

The only reason your payment would ever change is if you have an ARM or had an interest only loan that has now converted to principal and interest or more commonly the homeowners insurance or property taxes increased. I would call your lender and go over the changes with them directly. Best wishes, Sean

Oct 29th 2014
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