I have an escrow issue with Wells Fargo. Closed on my home at the end of 2018. Received an escrow shortage of $5,300 yesterday. All payments paid on time. My mortgage went from $1946.07 to $2,278.30. Seems like the loan was closed on a land tax assessment. Need advise. Thanks
1 Answer from Attorneys
Facts dont make legal. You closed on the property with Wells Fargo in 2018? You bought the property? They have advised of an escrow shortage of $5300? Do they explain how that was calculated? Start with wells fargo and get an explanation. Something changed since 2018 in the escrow amount required. Did the taxes go up? insurance go up? what else is being escrowed? that is where the answer lies. No one can address this here without viewing your loan statements. If no answer from wells fargo that makes sense, than consult a real estate attorney. BTW is the increase in your mortgage payment related to the shortfall int he escrow or something else?