Forced escrow doubles my mortage payment

[rude]

AHMSI bought my Citi Bank/Ameriquest mortage and paid my property taxes forcing an escrow account 4 times what it should be. This raises my payment from 45% of my disability income to 90%.
Would a bankruptcy filing help me save my house?
No dealing with the clowns at AHMSI they want my home and are pure scum.

[SMinGA]

Ch. 13 can allow you time to pay arrears thru the plan - but it won't change your monthly payment going forward. Meaning your mortgage payment (including escrow) would need to be paid monthly after filing, plus your plan payment.

[keepinitreal]

If your new payment is 90% of your monthly income, you should definitely not make another payment. No borrowing to make the payment, no cashing life insurance to make the payment, etc.

Get some free consultations with bankruptcy attorneys to see if you should consider either a Chapter 7 or a Chapter 13. In a Chapter 7, you would not re-affirm the house and then you would stay there until your title changes hands. You wouldn't be liable to AHMSI for any deficiency after they get it in their name, as long as you file Chapter 7.

You could use the money you were making mortgage & property tax payments with to pay the bankruptcy attorney.

Good luck!

[jadams]

Find out what the legal maximum reserve is in your state.

In mine they can charge estimated property taxes and insurance, divided by 12, plus a 16.6% reserve.

I don't see how your escrow can be four times what it should be, unless it's a mistake or you were severely delinquent in property taxes, they paid them, and now you are making up a shortage in the escrow account.

You need to determine exactly what this new amount is calculated from so you can figure out how to attack it.