• Report: #152075

Complaint Review: ERA Mortgage

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  • Submitted: Mon, August 01, 2005
  • Updated: Thu, December 08, 2005

  • Reported By:Newville Pennsylvania
ERA Mortgage
P. O. Box 5452 Mount Laurel, New Jersey U.S.A.

ERA Mortgage, Cendant Mortgage Mortgage rip off & overcharged escrow account Mount Laurel New Jersey

*UPDATE Employee: Escrow Response

*Consumer Suggestion: Leave the company

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This company has been a rip off artist from the start. Was quoted one rate, but then after they accessed my credit 10 times in 1 wk., and it went down "just below" their special limit, I suddenly had to take a higher rate of interest or pay PMI.

I also was told that I would not have to have my taxes/insurance escrowed. At closing, suddenly is a requirement for the loan. If I mail my payment (from PA to NJ!) in less than 5 days from due date - it doesn't get received until 3 days after due date, so of course huge late fees apply.

Now, exactly 1 year later, I am suddenly hit with the news that they aren't taking enough out for taxes/ins., so my payments must go up $60/mth. I checked with county - actual taxes/insurance are $796/yr. less than what they are charging me. Answer I get of course is that they are allowed a "cushion" (more like a sofa!)

I am also of course being told that they only way to get out of the escrow is to refinance - at a higher rate of course!

Pat
Newville, Pennsylvania
U.S.A.

This report was posted on Ripoff Report on 08/01/2005 04:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/ERA-Mortgage/Mount-Laurel-New-Jersey-08054/ERA-Mortgage-Cendant-Mortgage-Mortgage-rip-off-overcharged-escrow-account-Mount-Laurel-152075. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Escrow Response

AUTHOR: Dana - (U.S.A.)

I apologize for the issues you have encountered regarding your escrow account and PMI. Please contact my office 800-440-8737 for immediate assistance to resolve your matter.


Dana Galiano
Supervisor
Office of the President
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#2 Consumer Suggestion

Leave the company

AUTHOR: Jeffrey - (U.S.A.)

Pat,

I am a branch manager with a broker/banker in NJ. I would recommend that you refinance the loan anyway. There are products that are out there that will allow you to have no pmi. The way this is done is there will be a first mortgage for the first 80% of your loan and the rest will be put in a second mortgage. The second will have a higher rate but the first should be lower. PMI is basically paying for nothing except the advantage of not putting more money down at the time of closing. These loans can be structured many different ways. They will save you money and they will make life a bit easier for you. As far as the escrows, you have the right to recieve the overcharges back. I understand that the idea of refinancing is a headache, but a few weeks of getting that taken care of will allow you some peace.
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