Today I received my reaffirm agreement from CitiMortgage. Reviewing the agreement, I noticed my payment increased about $150 a month. They increased my Esgrow amount by about $150. Has anyone have this happen? What is the reasoning for it? Our taxes haven't increased much - maybe $25 a year and house insurance about $267. This sure in the hell doesn't justify $1800 additional for Esgrow! Any advise/comments are greatly appreciated. Thanks!!!
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Perhaps they started collecting a reserve where you didn't have one before?
Depending on state/federal laws, they can collect above and beyond what the projected expenses are. In my state, roughly 16.6%.
Or did they include a homeowner's policy in the escrow that wasn't there before?
These are two things that are frequently becoming very common conditions, where in the past few years no-reserve escrow accounts were rather standard. -
When I originally got the loan, they calculated the incorrect amount for the homeowners insurance. They only calculated six months. This is the first year they paid both semi-annual payments ($267 each). They also had the remaining loan amount wrong. For a citi that never sleeps, they sure have restricted times for their wonderful customer service department. I am going to call them tomorrow to get this mess straightened out. It is just frusterating
Thanks for your reply.
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Reaffirm Agreement Update
Well, I called CitiMortgage today. I was about postal by the time I done with them an hour and half later without any resolution. They were trying to get me to pay over $4200 for $1250 that comes out of Escrow during the year. This evening when I got home, I called them again since I didn't get a call back as stated. I think I finally got someone that may know what the hell they are talking about and realizes the numbers aren't right.
Does anyone know if it is legal for them to charge me for reaffirming? I was told the difference in the balance on the reaffirm agreement and the balance on my statements is their legal fees - this is about $1000.Comment
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Hmmm, this worries me a bit. We have CitiMortgage as well, and plan to reaffirm.Originally posted by nerves View Post
However, I suspect your issues with the escrow are them trying to "pad" the escrow. We had an issue with our escrow after we moved in--we ended up with a deficit in our escrow one year, and to "make up" for that negative, they wanted to raise our escrow payment to over $500 a month. This would obviously cause our escrow to be WAY over the following year (which will be this year).
Were you ever negative in your escrow at any point?Comment
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I currently have about a $120 balance but in Oct had a negative balance of about $49. I will continue to fight this because I am not going to give them an extra $1500 to pad their coffers (I know they are required by law to have 1/6 of the total payments as cushion). They just called me and instead of raising my payment an extra $150 a month, they are kindly increasing about $95. They can stick that were the sun don't shine.Comment
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Well, I think I got this resolved - FINALLY! After three or four calls, three hours on the phone with a bunch of customer service idiots at CitiMortgage, they supposably fixed their errors in the reaffirm agreement. We will see if I actually get a new agreement in the mail tomorrow. A couple words of advice if you decide to reaffirm with CitiMortgage - first, review all the information very carefully. They are sloppy with putting these together. Second - if you need to call to verify the numbers (which I encourage), don't mess with the reps, resolutions specialists, supervisors - go right to a manager. Even their managers are pretty useless but you get a little farther with them. Happy New Year to everyone! May 2010 be a better year for all of us
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