Complaint Review: Navy Federal Credit Union - Merrifield Virginia
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- Author Confirmed
- Navy Federal Credit Union P.O. Box 3000 Merrifield, Virginia U.S.A.
- Phone: 888-842-6328
- Web:
- Category: Mortgage Companies
Navy Federal Credit Union (NFCU) Increased Escrow Mystery Unexplained Increase on Mortgage Escrow Merrifield Virginia
*Consumer Comment: Easy to figure out.
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Have been trying to contact Navy Federal Credit Union (NFCU) for three days about this problem.
Recieved a notification that my mortgage escrow will be increased about $300 per month depending upon my course of action.
No explain of why...just that I have until "X" date to respond or they will up my monthly payments between $300 - $700 per month, depending upon if I pay a $3,000 "catch-up fee".
Which brings me to this "catch-up" fee...NFCU also state that I owe back Escrow. If paid will still result in higher monthly payments but not as much as if I don't pay.
NFCU has not answered any of my three emails and I'm currently unable to call their customer service desk (deployed on a ship - currently at sea).
Use to trust Navy Federal as it was "our credit union", but now am looking for a better banking institute.
About me:
- Mortgage is a Fixed 30 year (w/biweekly payments)
- I have great (exceptional) credit
- Make more than the required monthly payments (since puchasing the house just about three years ago).
- Have lowered my house insurance payments by $100 annual
- No rise in city / county / state property tax
- Have money in the bank...and zero debt...except for my home
A. leslie
FPO, California
U.S.A.
This report was posted on Ripoff Report on 05/06/2008 12:46 AM and is a permanent record located here: https://www.ripoffreport.com/reports/navy-federal-credit-union/merrifield-virginia-22119-3000/navy-federal-credit-union-nfcu-increased-escrow-mystery-unexplained-increase-on-mortgage-330791. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
Easy to figure out.
AUTHOR: Nikki - (U.S.A.)
SUBMITTED: Tuesday, May 06, 2008
You should know how much of your payment goes to Principal, Interest, Taxes and Insurance. Go back through last year and add up what you paid towards escrow. Then add up what your taxes and insurance were for last year. Did you pay enough?
Many people were behind in their escrows for the last few years because the mortgage companies were charging for escrows based on the previous year's taxes. When the home values went up, the mortgage companies still had to pay the entire tax/insurance bill and play catch up to charge you the difference between what you paid and what they paid.
Then, they also have to tack on the increased taxes for this year based on last year's taxes. Remember, when you escrow for taxes and insurance, you are paying in advance. The mortgage company is basically estimated what your taxes/insurance may be and that could result in them not charging you enough for escrow or charging you too much.
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