- Report: #152075
Report - Rebuttal - Arbitrate
Complaint Review: ERA Mortgage
ERA MortgageP. 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
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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!
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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