I hate this company, best way to start. We refinanced our home with NEW CENTURY MORTGAGE CORPORATION , within a few months our loan was sold to America's Servicing Company (ASC).
From the first letter we recived from ASC it has been a nightmare. No payment address or loan # was given but payment was requested, wrong insurance information, extra charges for insurance, attempted to charge us twice for flood insurance. We had to fight for the payment of our property real estate taxes for June/06.
No mortgage payment could be paid on line and a $15.00 charged for a phone payment. Customer Service, well, that's a joke in itself.
NOW, On 12/23/06, we recieved a notice about our escrow balance having to be $2118.84 ( required escrow balance). Our paper work that we have and did sign with NEW CENTURY MORTGAGE CORP, the only paper work we did sign, stated that: ( "Under FEDERAL LAW, when your actual escrow balance reaches its lowest point, that balance is targeted not to exceed 1/6 of the ANNUAL ANTICIPATED DISBURSEMENT or $0.00. Your state loan documents or state laws may specify a lower amount)". If this is the law than we are to have a escrow balance of $805.00, 1/6th of the disbursement of escrow for the year.
Statement dated 11/06 payment, due date 12/06, escrow balance $1584.79. Statement dated 12/06 payment due date 1/07, escrow balance $-335.69. Property real estate taxes were paid $2330.40 on 11/16/06, due to the increase of $500.00 for our Real Estate property taxes on the second half of our bill.
Due to a shortage of $2044.61. which there is non-truth, in fact, we have a minor-balance of -$335.69,at the most the escrow balance should be is $805.=1/6th of the escrow disbursement + the minus balance $-335.69 should be $1140.24.and nothing is due until March/07-Homeowners insurance, April/07-Flood Insurance, and the first half of our Real Estate Property Tax are due June/07, 2nd half Nov/07. They are attempting to collect $904.38 more.
Yes, I will agree that our payments should go up for the escrow portion by $95.00-$100.00 due to property real estate tax increase,also the minus balance to be re-paided. They are also stating that our insurance is also going up. This is new to us, we heard nothing about the insurance increase.
The increasing of our monthly payments by $254.81 but if we pay the shortgage amount of $2044.61.in full our mortgage payment will only go up $170.38, still higher than what is needed to meet the escrow pay-out amounts by $78.38 more per month,$916.56 per year.
What can we do to fight this company? We are so upset.
Please I hope Someone can step in and put a stop to this company from ripping of homeowners. We know we are not alone,we have read the other complaints.
ALLENSTOWN, New Hampshire