Consumer complaint received 2024-09-20
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: PLANET HOME LENDING, LLC (WA)

Planet Home Lending is my Mortgage company. 

My Taxes are through XXXX XXXX XXXX XXXX ( XXXX ) XXXX, XXXX. My XXXX XXXX is Issue XXXX XXXX I am a 100 % XXXX veteran due to 100 % XXXX from XXXX XXXX  and qualified for the maximum savings on my property taxes. Original property tax amount was {$1700.00} ( this year ), to be paid on XX/XX/XXXX in the amount of {$850.00} and again XX/XX/XXXXXXXX XXXX XXXX in the amount of {$850.00}. 

When receiving my updated property taxes from XXXX XXXX in XXXX my taxes were reduced to {$530.00} for the year with a payment of XXXX due in XXXX and again in XXXX. 

I received a refund from XXXXXXXX XXXX in XXXXXXXX XXXX XXXX in the amount of XXXX because my taxes were overpaid for the entire year in the 1st payment that was sent. 

During this time I was getting letters from Plant home lending saying my escrow account has a shortage based off of their projected shortage based off the incorrect tax amount. 

I started calling them in XXXX before they raised my payment to fix this. 

I originally was sending an extra payment of $ XXXX applied to the principal because it would save me {$45000.00} in interest over the lifetime of the loan, including paying my house off XXXX and XXXX months earlier. 

Because of their 1st mistake back in XXXX, I reduced the extra principal I was sending from {$76.00} a month to {$43.00} a month to make up for a difference of {$31.00} a month because they raised my payment by that much based off of a shortage in my escrow that does not exist. This {$31.00} loss towards principal over the lifetime of my loan makes me personally loose a total of {$26000.00} in interest I would have saved. Also I would have saved reducing my loan from 2 years and 9 months down to 1 year 1 month. 

Now they are trying to do it again. I received a letter dated XXXX ANNUAL ESCROW ACCOUNT DISCLOSURE STATEMENT. It states " ESCROW SHORTAGE COUPON '' Shortage amount {$180.00}. The total shortage has been divided over 12 months and {$15.00} will automatically be added to your monthly payment beginning XXXX XXXX XXXX. Your new payment amount including the shortage will be {$2200.00}.

I called them today XXXX  and explained that someone on their end messed up my escrow analysis because they put in that I owe 2 payments of {$530.00}, when it is {$530.00} total, therefore the payments should reflect 2 payments of {$260.00}. 

It took talking to 3 different people before I finally had to do a XXXX way conference call with their escrow department and customer service. Until 1 person finally understood what I was saying. 

The escrow department customer service finally, after arguing with me for XXXX min put in for a review of my account and informed me it probably wont be completed until XX/XX/XXXX, after my next increased payment is due. 

The customer service woman with the ID of XXXX told me to cancel my automatic payments until this is taken care of, I won't be penalized she said as long as I make the payment by XX/XX/XXXX. ( I do not have much faith that this will be the case and they wont assess fees because I always pay it on the 1st of the month ) Issue # XXXX Because of their 1st mistake my extra principal payment went from $ XXXX x XXXX payments = a savings of {$45000.00} and 2 years, 9 months over the life time of the loan I had to drop my principal extra payment down to $ XXXX payments = {$26000.00} and 1 year 9 months over the life time of the loan. 

This is a personal loss of saving {$18000.00} in interest and having to pay 1 year 8 months longer from their 1st mistake and now they are doing it again. 

This 2nd time It is personally going to cost me another $ XXXX that will have to come from my principal again and cost me another {$10000.00} in interest over the life of the loan and another 8 months in payments. 

The only other option I have is refinancing with a different company, which will also cost me thousands is refinancing costs, or just selling my primary residence and taking a loss, because I can no longer continue to have them raise my monthly payments several times a year and take these losses based off their employees inability to do their job correctly the 1st time, and now this is the 3rd time they are doing this to me, and I wonder how many others they are doing this too also, who may not have the capability or have the knowledge to realize what is actually happening and how much they are personally loosing based off Planet Home Lending 's mistakes. Their mistakes only profit them financially and not the home owner paying for their home like me responsibly and more than is required of them since my very 1st payment over a year and a half ago. 

Who is going to pay me back the losses I have incurred from their mistakes? Are they going to fix this? I was pretty much told NO, they will no fix my losses because it was my decision to reduce the extra principal amount because they raised my house payment unnecessarily and they are doing it again, but not their responsibility if I am forced to drop my extra principal again being on a fixed XXXX income because of their mistake AGAIN. I have been calling them trying to get this fixed for over 6 months now. Instead of it being fixed, its being messed up even more. They refuse to accept responsibility and with the current inflation this company along with so many others is making situations for Americans, especially those who served their country and as a result are 100 % XXXX suffer unnecessarily more.