GMAC Ally Miscalculated Payments on 30 Yr FIXED Refi (making the loan look fantastic!). Ten months later they say we owe $4,000 to escrow AND they are increasing our payments Fort Washington, Pennsylvania

Poured through all the closing docs and paperwork, emails, etc. Found a couple of things:

- The loan cost us about $12,000.00, not $8,000. The loan amount went up by 8k, but they also took $4k from our previous escrow account. I was so thrilled by the LOW payments presented to us that I didn't pay a lot of attention to some of the final details.

- The miscalculation can be traced to an error in their data entry of our property taxes. 
- This is an FHA loan, and my understanding of the paperwork is that we cannot pay our own taxes, insurance, etc. That is the responsibility of the lender and they created our loan and payment structure to cover all expenses related to the mortgage.

- I sent email to GMAC over 5 weeks before we closed in which I clearly and explicitly told them what our property taxes are, down to the penny. I sent this email simply to make sure they got this right. There was NO other information in that email; this critical information was not buried in an unrelated  message. Before that I'd told GMAC on the phone that there could be confusion around our amount of properly taxes due to some tax being billed as Supplemental Taxes early on in the loan. Because of that I took the pains on my own initiative to send them email with the correct tax information outlined. NO Excuse for them inputting the wrong property taxes!

A little additional background:
- I was originally told that the cost of the loan would be around 3k with a payment reduction of 150/month. When the cost of the loan skyrocketed from there the ONLY reason we were okay with it was because we ended up with such a drastic reduction in the monthly payment amount ($350/month lowered payments)

I still see this as predatory lending. Up until ten months in no one told us the true terms of the loan (whether that be through error or scheming doesn' matter). 

We would NOT have been willing to pay $12,000 for a loan that only reduced our payments by $130/month. GMAC should pay for this mistake, not us!

You probably need to get a lawyer involved before Ally does anything nastier. Contact whatever state agency oversees banks/lenders and request they intervene. Sounds like real dirty work. That's a bank for you.

and let him, or her, know what transpired.

There is a chance that they can help you, since many of the state's Attorney Generals are suing banks for discriminatory and predatory actions against consumers, right?

Good luck to you.

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