Carrington Mortgage Mortgage Complaint

Carrington Mortgage Mortgage department,

Conventional adjustable mortgage (ARM) Loan modification,collection,foreclosure Texas

The purpose of this letter is to formally notify Carrington Mortgage Services ( CMS ) that the hazard insurance premium payment was incorrectly calculated at the time of determining my qualifying modified total ( PITI ) mortgage payment. This results in me actually having to pay $200.00 more than the determined qualifying payment amount. CMS has the annual insurance premium amount incorrect on their documents. CMS incorrectly calculated an annual hazard insurance premium based on half of the actual premium amount ( $1400.00 ) when the total annual premium is actually $3400.00. CMS used the 1/2 premium mid year amount and divided by 12 months, versus the actual annual premium amount. CMS determined my total PITI modified payment to be $1700.00 based on this incorrect figure. Using the correct insurance payment of $290.00, as identified in the insurance billing and the modification request package, would result in a lower P & I payment to be equivalent to the $1700.00 PITI payment. I am requesting the P & I payment be reduced to reflect the correct PITI amount of $1700.00 as agreed, with the correct hazard insurance payment amount. Not doing so will result in my escrows being insufficient and resulting in me paying a much higher mortgage payment that I can not afford.