We refinanced with PHH 4 years ago. I should have checked with the BBB first. I had never had a mortgage with an escrow account before, but was told this was the only way to obtain a loan with them. My taxes are below $300 yr, and my insurance is $1,000. I have almost $500 in escrow, yet my escrow payment is almost $200/month???
They have also permanently ruined our credit. Our payments are around $600-$650 (who knows with them, it constantly changes even though I specifically told the person handling the loan that I needed a SPECIFIC monthly payment.) We were late with our January payment, 1st time ever to be over 30 days late. I do understand that a 30 day late can be reported, however, they put that we owed $1300 making it appear we are 2 payments behind. When I made the Jan payment its my understanding they are supposed to rectify the report to show that it has been paid. Every time I ask for this to be rectified I get "its on there because you were late." I GET THAT! We were over 30 late ONE time, paid it, and it is still on there that we owe it. (In the amount of $1300 btw)
Ironically, after insisting that they HAD to pay our insurance, they let it lapse. A couple months ago my agent called and asked if we had changed mortgage companies, as they hadn't received payment. I email PHH...no answer. My ins co did mail me a" reinstated" so I guess they took care of it.
And do not believe the "having trouble making payments? we can help!" b.s. I called to see if we could change our payment due date and the answer was "no." (At least I think it was "no"...not sure what country went to)