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Private Lending & Conventional Mortgage Advice

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Nick R.
  • Dallas, TX
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Escrow Shortage

Nick R.
  • Dallas, TX
Posted Apr 28 2015, 13:25

Hi all,

I just received a letter from the lender on my primary home stating that I have an escrow shortage and that my new monthly payment is going from $1,138/month to $1,306/month (a 15% increase). I've never had an escrow shortage like this before. I refinanced with this company last July. Did the mortgage broker fudge the numbers to make it look much more attractive for me to refi, knowing full well that I'd end up with an escrow shortage? 

The second issue is, I had been considering renting this house out soon but with such a drastic change in the monthly escrow cost, I'm afraid this may occur again in the future and could really affect the potential to cash flow. Do I have any recourse, can I file a complaint with any organization?

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