Q: Do I have any recourse if my mortgage company incorrectly estimated my property taxes, resulting in an escrow shortage?
I re-financed my mortgage last year. Now the mortgage company is saying that they undercollected for property taxes, resulting in a shortage in my escrow account and my monthly mortgage cost going up by hundreds of dollars. They say that I signed closing documents stating how much property taxes would be, which could very well be true, since the closing documents were hundreds of pages long. But my property taxes have been fairly constant, and I made no effort to hide them. I feel like the mortgage company purposely set the property taxes too low to be able to offer me a low monthly amount, knowing that it would result in a shortage.
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A: Your situation will require an in person consultation and document review, in order to give you truly meaningful advice.
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