Consumer complaint received 2023-01-23
Company: MONEY SOURCE, INC., THE
State: PA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
The mortgage lender had provided an escrow analysis that we had a XXXX surplus in our escrow account, but that they were increasing our mortgage by approximately {$300.00} dollars monthly because our taxes were increasing. After contacting the mortgage company and reviewing numbers, they said our taxes were XXXX higher than they actually were. After I reviewed my property information with my school district and township ; I verified my property 's tax amount. The township and district had also made me aware that I was in default on all taxes, and that they had received no payments from my mortgage company. I then reached out again to the mortgage company and provided these amounts and also asked that they redo the escrow analysis, as well as bring the taxes up to date. This was on XX/XX/XXXX, when they claimed they were going to redo the escrow analysis and do a formal investigation with our township, and would reach back out within ten business days. They also had reviewed information with me on this call, and said that the parcel number I provided was not the parcel number that they had, so they had the wrong parcel number the entirety of our loan. They never reached back out or performed the analysis or investigation at this time. They did however pay the back taxes on XX/XX/22 in two payments : one at {$5100.00} and the other at {$2100.00}. as you can see from attached bill, they also had to pay the penalty amounts because they never made the payments- thus my taxes are even lower than the payments they made. I call back in the second week of XXXX and had to restart this process with them and ask for a new escrow analysis. When they had provided the first escrow analysis, they stated my payment and escrow account was increasing because my taxes were increasing, but I confirmed the taxes are significantly lower than they were stating. As you can see from their payment to bring us current, our annual taxes are approximately {$7300.00} annually. They were saying our taxes were {$9700.00}. They stated they would update the tax amount then run the new escrow analysis, and when they completed it they said our escrow account had a {$5900.00} shortage and rose our payment even higher. SO they increased our payment from {$2900.00} ; to then {$3200.00}, to now {$3500.00} with no increase in our taxes, and no change in mortgage or property insurance. They even display in their escrow analysis disclosure statement that our escrow payment is decreasing from {$1200.00} to {$1000.00} ; and that they corrected the taxes to show the lower amount- but somehow found that we have a {$6000.00} dollar shortage in our escrow account. I have spent countless hours on the phone with them, and at this point have no resolution. They continue to raise our mortgage without justification. And as you can see from the closing disclosure attached, the company was already taking XXXX which is more than enough to cover my taxes and homeowners insurance with plenty of money left over. My homeowners insurance plus the taxes annually comes to a total of {$9000.00}.

Company response to consumer: Closed with explanation