****RECAP, 3RD YEAR IN HOME, 1ST YEAR GOT BACK LOTS OF CASH FROM ESCROW OVERAGES, 2ND YEAR OWED THOUSAND MORTGAGE GOES UP, 3RD YEAR OWE THOUSANDS, MORTGAGE GOES UP. TAXES HAS ONLY INCREASED BY A FEW HUNDRED, I DO NOT HAVE PMI AND MY HOME INSURANCE IS NOT IN MY MORTGAGE.
***This story starts in my first year.
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Annual Escrow Disclosure Time - Will your mortgage go up postbuild????
Not sure if this is a Ryan thing or not? Or mortgage companies after NVR sells them?
As we all know when you build new they can only assess your land.
But I thought Ryan still look care of that is the estimate? We were even told OVER estimated.
Last year our mortgage was on point, in fact this time last year got a nice chunk back from our escrow overages. Hmmm I wondered about that. Well this year, diff story. Our 2nd year here.
We owe thousands into our escrow along with a jump in our mortgage amount even with paying for the escrow shortage forecasted for next year.
You may ask were we re assessed higher? NO
Did your taxes increase? YES but not this significant amount reflected in what we owe for the upcoming year.
PennyMac is who NVR sold us out to, they have admitted to making a mistake and knocked off a considerable amount due from our escrow shortage. But its still a LARGE amount due OR your mortgage jumps up a SHIT TON instead over the next 12 months.
PEOPLE WATCH WHATS GOING ON WITH THESE "estimates of mortgage and taxes"!!
Anybody else have a noticeable jump in escrow shortages?
As we all know when you build new they can only assess your land.
But I thought Ryan still look care of that is the estimate? We were even told OVER estimated.
Last year our mortgage was on point, in fact this time last year got a nice chunk back from our escrow overages. Hmmm I wondered about that. Well this year, diff story. Our 2nd year here.
We owe thousands into our escrow along with a jump in our mortgage amount even with paying for the escrow shortage forecasted for next year.
You may ask were we re assessed higher? NO
Did your taxes increase? YES but not this significant amount reflected in what we owe for the upcoming year.
PennyMac is who NVR sold us out to, they have admitted to making a mistake and knocked off a considerable amount due from our escrow shortage. But its still a LARGE amount due OR your mortgage jumps up a SHIT TON instead over the next 12 months.
PEOPLE WATCH WHATS GOING ON WITH THESE "estimates of mortgage and taxes"!!
Anybody else have a noticeable jump in escrow shortages?
I would ask them to itemize the increases for your escrow. And then compare to your municipality taxes, your HOA and your home insurance. I would also make note if the shortage this year is EQUAL to the overage of last year. Your mortgage should be pretty consistent unless you have 2/1 ARM (which the lowest I have seen was a 5/1)
Would be willing the share your escrow experience for this year?
PLEASE NOTE: Your first escrow analysis may show a significant overage if it was based on the payment of taxes on land only or on a partial or interim tax in the first year. If you withdraw the overage and reduce your monthly escrow payment it will result in a significant shortage and a substantial increase in monthly payment the next year.
Do you think this happened to you?
Thanks for the input.
Yes we got money back last year because apparently mortgage co. cannot hold onto that much money. they have to give it back, but at the time you are thinking........wooo hooo!! Lets just use some rough numbers. last year say we got back $1000. This year we owe $2000. So its not a complete balance out, but looking back we should have put aside the $1000 to off set the $2000 owed this year (again rough numbers)
Last year our mortgage went down $100,, this year when we PAY the escrow shortage the mortgage goes up $100, so its a wash there, and back where we were originally. (But you get excited about the decrease and think it MAY stay there for a little while :(..)
Also though, keep in mind Penny Mac screwed up a bit and like a said lessened our escrow owed ALOT. Dont see how that happened. I guess had we not questioned it, we would have gotten back a SHIT TON again at the end of next year. Vicious cycle.
AnyHOW. Hope to anyone out here reading building now, just to be aware of this and be prepared.
And NO...
No reassessment
Our homeowners is NOT in our mortgage
Sure our taxes went up a little bit.
Good luck, let me know how it goes.
Low and behold, i get the new tax bill that's fairly close to NVR's estimation, fax it over to their escrow department and what do they do? send me a refund on escrow! i got a letter about a week after that saying i had insufficient funds to pay the bill and they would be collecting the needed amount over the next 12 months or I could just pay a lump sum. We get significant tax breaks years 1-4 since our house is leed certified, so i expect another jump in year 5.
We just got a huge chunk of change back from our external mortgage company. Not gonna lie - I'm still super happy that I used my own lender and closing company and now have a mortgage company that has no ties to Ryan/NVR/Heartland.
BUT - we did just get a huge check from escrow overages and this is the same exact thing that I was concerned about when we got the check. Come this time next year,..../sigh
I just don't get it, its been our 3rd year now.
Again
Taxes only went up a few hundred
I do not have a PMI
and my home insurance is separate from my mortgage.
What gives? I think PennyMac is a mess, or im just really stupid.