Conventional fixed mortgage Loan servicing, payments, escrow account
The Money Source Inc Mortgage department,
Conventional fixed mortgage Loan servicing, payments, escrow account New Jersey
I got a loan through The Money Source in - - for a primary residence. In - they sent me a letter stating that there was an escrow shortfall. I had to come up with another - to cover the shortfall and even with this additional money my mortgage payments increased by ~ $500.00. In the meantime I was granted a 5 year property tax abatement by my township which effectively reduced my mortgage payments by ~35 %. I just received another letter from The Money Source stating that I had another escrow shortfall. They have now instructed me to pay another $2400.00 and that my mortgage will increase, yet again, by another $400.00. I then went to the tax office in my township and requested a copy of the property taxes I paid last year. When I called the representative who handled my case back in -, we went through the numbers and there is some mysterious amount of over $7000.00 that is listed as an " actual '' payment that does not match up in any way with the document I received from the township. The statement The Money Source sent is very confusing and has " actual '' payments and disbursements listed. What 's the difference? Either they are guilty of gross negligence in calculating my property taxes not once, not twice, but three times ( because they also got it wrong prior to my closing ) or they are a predatory lender. The way the conversation ended was I was told that I had to pay the new mortgage amount, which now represents an ~ $900.00 increase from the amount I was originally quoted I would have to pay, by - -. The statement I received is dated -/-/- but I just received it today, -/-/-.
The Money Source Inc customer in New Jersey
Jan 15, 2016
* Source: CFPB Complaint Database
The Money Source Inc response to complaint:
Closed with explanation
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