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Mike Sciacca Asked:

Hello, I originally had my mortgage through Homebanc and then it was sold to Chase. My original mortgage payment was $1259 per month. Due to a miscalculation in taxes my mortgage payment was increased to $1457.10. Chase told me that my mortgage payment would go back down after 1 year. Unfortunately my mortgage was sold to American Home Mortgage Servicing Inc. It has been over 1 year since my payment went up so I called AHMSI to find out why my payment has not gone back down and they said I am paying the absolute minimum. Is there anything I can do to get my payment back down to what it was when I first bought the house? --Mike Sciacca [Griffin GA]



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Answer Provided by: Paula Yakey [01/12/2009]

Mike: You should have your servicer send you an analysis of your escrow account from the time the payment went up. An analysis will show what is in your escrow account and what has been paid out. The servicer is required to furnish you an analysis every year. Your servicer also is required by law to have only a certain amount of overage in your escrow account. There should be an overage that divided by 12 will be enough to lower your payment back down to what it originally was. Now if your property taxes or homeowners insurance have gone up then your payment will not go back down to what it originally was. Hope this helps. Paula Yakey