Franklin American Mortgage Company Mortgage Complaint

Franklin American Mortgage Company Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Texas

I have been in my home for 18 months. On - -, - the current servicer of my mortgage ran an escrow analysis that resulted in my monthly mortgage payment doubling from $1400.00 to $2900.00. This was reportedly the result of the - property taxes being grossly underestimated in the payment schedule presented to me. I have a 30-year conventional loan with a fixed interest rate. The new payment of $2900.00 is being imposed over 12 months in order to reimburse the - Escrow shortage and to make the - Escrow balance current. My finances will not allow me to make these substantially increased payments on this mortgage at the new monthly payment. The home I bought was a new construction home direct from the builder and I used a mortgage banker that the builder considered to be preferred. I went ahead and used this mortgage banker to originate and fund the loan and upon closing the deal, the mortgage was sold to another financial institution who now services the loan. At closing, the Title Company included a Payment Shock Notice, which makes mention to an expectation for bills to increase substantially and my monthly escrow payment could be much higher. These terms are very ambiguous and the increase I experienced is not substantial, it is tremendous and I feel, in no way should be considered reasonable to impose on a consumer. My inability to afford this new payment will cause me to immediately default on the mortgage, it will cause financial turmoil, and will cause immeasurable disruption to my family. It appears that there was an error on part of either the mortgage banker who wrote the original loan, or the current mortgage servicer that took over the loan. This situation is absolutely unreasonable, and my family is the victim of a massive mistake that was made by a professional organization that we trusted to handle the transaction of purchasing a home.