First Republic Bank Mortgage Complaint

First Republic Bank Mortgage department,

Conventional adjustable mortgage (ARM) Loan modification,collection,foreclosure New York

Our primary mortgage holder, First Republic Bank did not escrow our property taxes, they were our responsibility to pay. In -/-/-, our property taxes were in arrears and First Republic paid the taxes that were due plus all current property taxes that were due. Now they decided to collect escrow for future taxes and also they wanted to be paid back within a year for the taxes they paid that were in arrears. Our mortgage payment went from $1400.00 per month to $3400.00 per month. Starting -/-/-, the new amount was due and I paid -, -, - and -. After the - payment I contacted the bank and to notify them of our situation. I stated that the new payment amount was unaffordable for us. I requested to have First Republic Bank modify the loan to make it more affordable for us, and their proposal dated -/-/- was to collect interest only from -/-/- and to list our home for sale on -/-/- and all proceeds must be paid back by -/-/- and the house should be sold by then as well. We declined this proposal and continued to ask for a more affordable approach to keep our home. We feel that First Republic Bank did not look at our situation after we submitted our income and expenses again with an accurate picture as to what we could afford. Their solution was to have us resume the new monthly payment of $3400.00, which we still can not afford. The Manager of Special Assets, in a phone conversation with myself stated that we can not afford our home, so we should sell it. After much back and forth, First Republic Bank is refusing, we feel, to make any attempt to give us an opportunity to remedy our situation.