I purchased my home through DR Horton and The MBA Group was my original lender. I purchased my home in October 2010. I’ve been making payments of approximately $2,044, on time, which included my tax escrow.
In September 2011, I received a check for approximately $3,000 from GMAC Mortgage due to an escrow overage. This brought my mortgage payments to $2,041. Last week from the date of this letter, I received another letter from GMAC Mortgage, indicating that there was a shortage in my escrow account. They instructed me to send in a payment of $3,717.34, or my mortgage payments would increase to $2,617.58 due to the escrow shortfall. If paying the $3,717.34 was an option then my mortgage payments will be $2,307.81.
After some “investigating,” it was brought to my attention that there may have been an error on the closing documents, specifically when calculating the property taxes. I am told the calculations for the property taxes should have been collected at 2%, instead of 1%.
I am now in a dire situation of not only having to basically pay the initial overage amount, but also dealing with a much higher mortgage payment different from what was originally instructed for me to pay at the signing of my loan documents.
Mistakes happen, but this issue will become a huge financial burden on me and causes me to seriously reevaluate my homeownership. Should there be a disclosure of an error, an advance in funds/pay the remaining shortage necessary by way of the MBA Group that will adjust my mortgage payment to where it apparently should have been at the time of purchase would resolve this inaccuracy and settle the amount of the overage check that was erroneously sent to me because my estimated future escrow bills were grossly underestimated.
Is this legal?!?!