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?
Workers' Compensation Lawyer
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.
The answers given are limited to the facts as given and presumed by the answer itself. Without seeing actual written documentation or having a conference to more fully explore the issues, this short answer has only limited application. Make sure to seek legal counsel and provide all documentation to get assistance in making informed legal choices.
Divorce / Separation Lawyer
I have found that trying to deal with a lender on the amount of escrow payments can be very frustrating. You need to talk to the lenders supervisor. You will get nothing done talking to a service representative.