Consumer complaint received 2022-06-02
Company: M&T BANK CORPORATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Money Missing From The Escrow Account We are not professional accountants, bankers, etc., so we did not see this problem right away. 
In XXXX of XXXX, M & T Mortgage started taking two ( 2 ) deducted amounts from our monthly mortgage payments ( of different amounts ) over the past 12 months. XX/XX/XXXX to current. ( See bank statements attached ). And we discontinued escrowing property insurance through our mortgage payments in XX/XX/XXXX. 

Based on those deductions ( Just For Taxes ) from our mortgage payments the escrow balance should be approximately ( {$19000.00} ). Minus approximately ( {$7000.00} ) cost for property taxes, if taxes were paid. That should leave an escrow balance of approximately ( {$12000.00} ). 

But our XX/XX/XXXX M & T Bank Statement shows an escrow balance of ( {$1700.00} ). We need M & T Bank to place that ( Missing ) Escrow Money of approximately ( {$10000.00} ) in the escrow account immediately. 

And we need M & T Bank to put the correct amount of escrow money that should be in escrow on our [ XX/XX/XXXX mortgage statement ]. 

And if they have paid any ( Taxes ) please state and show that on the mortgage statement and in their response. 

Funding The Escrow Account We can not allow M & T Bank to come up with these elaborate ways to deplete, us, the property owners of all extra funds left over after paying the actual mortgage payment. 

In [ XX/XX/XXXX ] we put together and spent ( {$35000.00} ) of our own money to put a new roof on the property being discussed in this complaint. So additional money in escrow has never come to our assistance regarding this property. 

For example, we are paying the same mortgage payment ( {$4600.00} ) we were paying ( before we Stopped escrowing insurance. And a year later, we are still paying ( {$4.00}, XXXX ). 

Currently to escrow taxes there are two deductions coming out of our mortgage payments : {$530.00} and {$660.00}. 

We want M & T Bank to discontinue taking an additional ( {$660.00} ) out of our monthly payment to escrow taxes. 

Also, as stated before, last year in XXXX of XXXX we put together and paid ( {$35000.00} ) of our own money to have a new roof put on this property. So we can not afford any elaborate ways of M & T Bank trying to come up with, to ( Triple Fund an Escrow Account ) off of our Financial Backs. 


Note : We should not have to file a complaint to have money placed back in the escrow account that should have never been missing from there in the first place. 
The escrow account is being deposited with funds that should be coming to the owners because there is ( no escrowing of insurance ). And there should be a lowering of the mortgage payments because of this. 
Mortgage statements should not say ( escrow insurance ) it should say taxes only for escrow. 
M & T Bank has a permanent increase of the mortgage payments of ( {$50.00} ) every six months. 
We are paying a ( 30 year loan ) instead of a previously agreed ( 15 ) year loan because and allowable by one owners unwittingly signature. So that funding that would have been available is not available to help with cost for the property, way at the 15th year or beyond. 
So I say ( M & T Mortgage ) is taking enough from the property owners for this one property. 

XXXX XXXX & XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX XXXX, FL XXXX ( XXXX ) XXXX Affiliated Companies/Financial Institutions : M & T Corporation XXXX XXXX XXXXXX/XX/XXXX, NY XXXX XXXX M & T Plaza ( XXXX ) XXXX M & T BANK XXXX XXXX XXXX XXXX, NY XXXX XXXX https : //www.mtb.com/home-page

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation