I'm back a $303.00 increase in my mortgage payment

[schwefls]

Hi ya all:

*** please feel free to join this with my succesful thread if need be.

Well, just when I thought I could afford my mortgage payment....once again I cannot through no fault of mine.

I received my escrow anaylsis today and it appears that my homeowners premium of $4793.75 (verified through the town) is actually $4,911.56 in the eyes of my mortgage company?

They also believe my homeowners insurance annual preium of $990.00 is actually $1224.00?

Currently, I escrow $441.00 a month.

SO with these exaggerated figures and the fact that my escrow should be $482.00 and they have never done an analysis in the two years I have been with them. I am in the hole with them for $2913.54.

My new mortgage payment effect 5/1 was 2610.21 down from 3041.94
My new mortgage payment effect 7/1 is now 2913.54.

As if this is not sickening enough I found out while on hold with Litton that they sold my loan effective 6/1 to MGC Mortgage (ever heard of them?). Try n call them "all operators are busy" please leave a message and we will call you back.

OK, fax off tax bill to Litton and MGC showing taxes are really only $4793.75
fax off Homeowners policy showing premium of $990.00 opposed to
$1224.00, when I add these two together I show my escrow should be $482.00 per month does anyone agree.

What am I to do I fought for this mod cauze I could not afford my mortgage payment. Now it appears I may have opened a pandoras box.....

[wtbdj]

Oh boy...I am so sorry!

I have not read your initial story yet, but I see your name on here helping and encouraging people all the time. You are a blessing to this site, and I hope for a good outcome for you. Best of luck!

[Moe Bedard]

MGC Mortgage is a servicing company........just like Litton.......
is this the number you are calling?

1-866-544-9820

loanservicing@mgcmortgage.com


Requesting a New Analysis. 
If you believe that your escrow analysis is in error, or that an interim analysis may be necessary, please submit a request in writing via postal mail or e-mail. Indicate why you believe a new escrow analysis is necessary and be sure to include backup documentation.

Please allow 10 business days to receive a response. If a new escrow analysis is necessary, your payment may change on a future billing statement. Until then, please continue to pay the amount currently shown on your billing statement.

If your loan is escrowed for hazard or flood insurance, please write your loan number on the policy/premium billing notice as soon as you receive it.

MGC Mortgage, Inc.
Insurance Center
7195 Dallas Parkway
Plano, Texas 75024

[schwefls]

***:

Thank you so much for rescuing me yet again. OMG, what recourse do I have with this increased payment. I just cannot afford it, damn why doesn't Litton do annual or semi-annual analysis. Or is that something else I unknowingly dropped the ball on.

[schwefls]

Yes, I am calling that number.

[schwefls]

Thank you so much, I will fight and win yet again if need be.

[schwefls]

***:

Thank you so much for rescuing me yet again. OMG, what recourse do I have with this increased payment. I just cannot afford it, damn why doesn't Litton do annual or semi-annual analysis. Or is that something else I unknowingly dropped the ball on??

Also, wasn't I supposed to be notified that my loan was sold effective 6/1 to MGC Mortgage by someone?

[Moe Bedard]

Does the letter say that your payment is due June 1st?
I would think if you have a policy in place all you would need to do is fax it to them and have the insurance provider list the new company in the policy....but not too sure.......

maybe Nitag can answer this one.......

[schwefls]

Ok, I think we might be on 2 different pages. I do not have a letter I have an escrow account disclosure statement which states my mortgage is short 2796.60. My question is and that they want to increase my payment by 303.00 monthly to cover that shortage effective 7/1/08.
1)What recourse do I have with this increased payment. I just cannot afford it.
2) Why doesn't Litton do annual or semi-annual analysis.
3) Is that something else I unknowingly dropped the ball on??
4) Wasn't I supposed to be notified that my loan was sold effective 6/1 to MGC Mortgage by someone?

As always, many thanx ***

[nitag]

Ok Schwelfs, We will get through this!!! I am wondering when Litton did your modification why they didn't get these ducks in a row?? So what they are tacking on is what you escrow account is short? When I was short with Avelo they told me I could have it spread it out over 36 months, will whom ever is now servicing your loan spread it out longer for you? I just had to fax a hardship letter to the insurance dept. Might not hurt to ask. Also, have your Insurance agent call the lender and give them a verbal and faxed verification of your premium. I do this daily and its pretty easy.

Try to have a good weekend....

nitag

[schwefls]

Nitag:

Thank you so much for getting back to me I am so confused, needless to say I can't afford it. Who the hell knows why they did not do it, I am besides myself. Here is where I am confused, the escrow statement states my P & I as 2169.11, escrow $511.30 (should be $482.00 when you add true PITI numbers) shortgage spread $133.26, deficiency spread 99.87 total payment 2913.54. Litton willfully agrees they screwed up the homoeowners, the taxes I still need to prove. I will do that on Tuesday. But, who responsibility is this to analyze. Is it mine?? Or theirs?? I truly had no clue I was running in the red, if I was I would have assumed it was part of the mod. Now here is the other question I should check their numbers going back 2 years. Because they obviously don't understand that 1+1=2. Divide 2 by 12 and whola......

Then they turn around and sell it, I find out while being on hold. OMG I have not been formally notified as of yet, and the new servicer MCG mortgage does not seem to appealing to me.

[nitag]

As we all know these wonderful lenders make mistakes!! If I were you, I'd call the county and see if you can't find out what was paid, then why don't you QWR for the taxes and insurance part? I think that might be the only way you might be able to see what was exactly paid out. I've never heard of MGC Mortgage.

Were you aware that your escrow account was short when they did the modification? I know mine was by 672.00 and they put it onto the loan. I only escrow my property taxes and they are 2125 a year but they are taking 288 a month, so I will be over by what 1300, thats what I am guessing but Avelo says, not to worry, we audit yearly we will catch it you'll get your money back and then lower the payment (yeah right).. Its like they need to be babysat..

Maybe I missed it but its early did they say what the total behind amount is?

[schwefls]

Yea, I am seriously considering the QWR, MGC little is known of them, google is coming up more or less empty. My guess, India , although their address is on Texas their website is a plain jane. I was seriously delinquent prior to the mod so my guess is that there was a deficit there. I mean if I don't make 5 payment than there are 5 less escrow payments. No idea what the total behind is there somewhere on the escrow statement I could find that? One owuld think they woudl have rolled that into the mod, but, I guess I am worng again. I am emailing my friend the CEO of Litton once again to have this spread out for eternity.

Thank you again Nitag

[schwefls]

The fight is on see letter to my friend Nole:




May 27, 2008




Dear Nole:

I wanted to thank you again for the initiative you took in making our loan modification a reality.

However, we are at our wits end. Our loan was modified and our payment
was reduced by $431.00 effective May 1st. Yippee right… wrong.

Apparently, our escrow was never analyzed during the duration of its serving by Litton nor during the modification process. We now have a deficiency of $2797.60.

This is resulting in an increase of $303.00 monthly. If you recall we showed a decrease in our annual salary of more than 19K annually when applying for our modification, we simply cannot afford this new payment.

As if this increase was not enough, we have come to find out that Litton has been overcharging us for our taxes (see enclosed statement) as well as failing to reduce our homeowners from $1224.00 annually to $990.00 annually. One has to wonder how long this has been going on?

When adding the correct PITI we should be escrowing $482.00 not the projected $511.30. In addition we cannot afford the deficiency (which was never analyzed by Litton) to be spread over 12 months. We need our payment to remain under $2700.00 monthly in order to remain in good standing.

I have tried 5 times today alone to try and handle this with customer service, tax department and the insurance department. All 5 times I have been disconnected when being transferred. No one calls me back when they realize they dropped the call.

To add insult to injury I just found out my loan was transferred effective 7/1/08.

Nole, can you please help us get this straightened out and financially manageable prior to the transfer of our loan, Please.


Very truly yours,


Joseph and Lynn Arena

[schwefls]

See email back from Litton regarding my fax above


As of the date of this response, the loan has not been transferred from Litton Loan Servicing LP ("Litton"). Litton services the loan in accordance with the terms of the original loan agreement. The loan is escrowed for the payment of the property taxes and homeowner's insurance. We distributed your escrow shortage for 36-months rather than a 12-month period. Effective 07/01/08, your monthly payment will adjust to $2,732.38. A copy of the Escrow Account Disclosure Statement will be mailed

[schwefls]

Ok check this out, on Friday my loan was sold Tuesday it was not, now today it is. What the hell are they doing here and as for MGC there "operators are unable to take the call" I have called them everyday since Friday and have never gotten through. Google them it's a complete waste of time, their website is not all that either. At least my friend Nole got the deficieny extended to 36 months. I think my loan has gone to India. God help me.

This is Littons response today:

We are unable to calculate an escrow payment excluding the escrow shortage and deficiency amounts. We have distributed your escrow shortage for 36-months rather than a 12-month period. Effective 07/01/08, your monthly payment will adjust to $2,732.38. The payment consists of principal and interest of $2,169.11, an escrow deposit of $481.98, a prorated shortage of $21.04, and a deficiency spread of $48.80. On 07/01/08, the servicing of your loan will transfer to MGC Mortgage, Inc.