We are in currently in permanent modification. Our trial period was over last November. Anyway, we received a certified letter from BOA earlier this month stating as of May 1st our payment had increased by $800/month to cover an escrow shortage and since our May payment did not reflect the new amount we would go into default on July 4th.
Well, our statement for May 1st showed our normal amount. We paid it. The first we had heard about an escrow shortage was when we received the certified letter this month. They have our May payment in a "partial payment holding account" so it does not show that we made our payment. We now must come up with our monthly mortgage payments for May and June, plus late fees, plus the new escrow amount or go into foreclosure.
Well, they know exactly what our finances are and know we cannot make the payment. They didn't notify us that our payment was going up, nor has anyone been able to explain the escrow shortage. We handle our homeowners ourselves (its current) and the property taxes are current too. Plus, our property values fell this year and last year.
We have called BOA multiple times but are having a really hard time getting past our CSR. All numbers go through her. What was the point of going through the nightmare that is the retention process just to lose our house because we cannot pay the escrow amount?
Any help? We need a place to live and thought we had been successful with BOA. I guess not.