almeida wrote:... I assume the bank has known for a while too.
almeida wrote:My mortgage has an escrow account attached to it. My taxes and homeowners insurance both went up this year (surprise, surprise). I learned about the increases months ago when the tax bills went out and I assume the bank has known for a while too. I have been waiting for some kind of notice from the bank informing me that my monthly payment is going up but, so far, they haven't sent anything. Also, the website still tells me that my next payment amount is the same amount it has always been. Because they haven't told me otherwise, I've been paying the same amount I've always paid, which is my required payment plus a little extra to pay off the loan faster. When I checked my loan activity today, I noticed that some of my most recent extra payment went to principal and some went to escrow. Is the bank allowed to do that? Are they required to notify me that my escrow payment went up? Is it possible to get out of escrow and just handle the payments myself? Thanks for the help.
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