Took out a mortgage with Contemporary Mortgage Services and they sold my contract to Freedom Mortgage. I have requested Freedom Mortgage (FM) close our escrow account.
They continually force payment on me and keep raising my mortgage payment even though the property is now homesteaded and property taxes have gone from $1432.82 down to $717.82 for the year and property insurance remained the same both years. On signing of the contract, on June 8, 2015 I paid $330.17 into a property and tax escrow on that date. Since then, I have made 32 escrow payments into escrow since June 8, 2015 to December 2017 and January of 2018 will be 33 payments. 33 x $186.68* = $6160.44.
In addition, in January of 2017 FM made us pay an additional $2294.48 and $239.20 in addition to my monthly payment for that month or they were going to penalize us with additional charges. I am being strong armed. So to date they have collected $9024.29 just in escrow; they of course have been getting their principal and interest with each of these 33 payments. FM has paid out 2 condo insurance payments of $666.00 for both 2016 and 2017 for a total of $1332.00 and 2 property taxes 1 year was $1432.82 and the 2nd year was $717.65.
The property is homesteaded to me now so the taxes dropped for 2017. Yet FM used the unhomesteaded value of $1432.82 to collect escrow and raise my mortgage payment from me in the future. Even though I explained to them I live in the condo year round and they had just recently paid the $717.65. It’s crazy!
So $9024.29 - $3482.47 = $5541.82 that they are still holding of my money. They agree they have to much of my money but only sent me a check in the amount of $679.00 which I voided out.
Reason of review: Problems with payment.
Monetary Loss: $5542.