I have notices less then four months old the Servicer reported an Escrow Surplus now they are claiming to have a $1,109.00+ to $1,300.00+ shortage.They are demanding I make a singular payment to cover the shortage [or alternatively the back of that same notice demands I make 12 additional (double) payments monthly].I have been making triple payments every month & am a month ahead.All payments sent Cert. Ret. Rec. Req. US Mail with specific & particular notations in the memo section asto how the instrument is to be applied (ie: P&I excess Principal plus escrow all are dictated on the "coupon" & on the cover letter which accompanies each payment).My problem is if they cannot manage the funds given to them subsequent to closing & since inception I am at their mercy until note is paid or what?
They hold escrow money as a fiduciary and owe you a duty to use the money for its intended purposes, usually for insurance and taxes. Unless they fail to make a payment that they can make since the funds are there, then you don't have a claim just because their record keeping is mixed up. It sounds like you should reach out to a supervisor in the escrow department to clarify the status and how best to make sure your payments are applied appropriately.
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