The Extra Escrow Analysis

Every since Bank Of America Home Loans bought out Countrywide Mortgage, home owners have been subject to extra escrow charges and fees, their escrow payments are going up and up even when taxes & home owners insurance are going down.

Bank Of America Home Loans tried to increased a home owners escrow payments based on their analysis of a possible shortage, on an escrow account that had never been short. When the home owner added an extra $100 to their escrow to cover a tax fee so that their escrow payment did not increase, BOA took $47.00, and returned $53 to the home owner claiming an escrow overage, and then increased the monthly escrow payment to cover the $100 tax fee. Four months later they claim a possible shortage next tax payment, and now they want the money back from the home owner, and also an extra amount every month to cover any possible shortage. Now the home owners out $200 for a $100 fee.

Consumer Complaints & Reviews

BOA says home owners are not allowed to add extra to their escrow but yet they took the extra payment and there’s an option to add an extra escrow payment and they tried to require an extra payment based on their analysis of a possible shortage. Can we say INTEREST anyone?

Their escrow analysis are always high and then they claim overage and return money only to then claim shortage and then collect extra money. Their Home Loan escrow is just like being on a roller coaster ride that you can’t get off!

Bank of America Home Loans.png
Type Subsidiary of Bank of America
Founded 1969 (Countrywide), February 2009 (Bank of America Home Loans)
Headquarters Calabasas, CA, USA (Countrywide Financial)Charlotte, North Carolina, USA (Bank of America)
Key people Barbara J. Desoer, President of Bank of America Home Loans and Insurance
Revenue $6,061,437,000 US$ (2007)
Operating income decrease$1,310,274,000 US$ (2007)
Net income decrease$703,538,000 US$ (2007)
Parent Bank of America
Website Bank of America Home Loans

2 thoughts on “The Extra Escrow Analysis

  1. Pingback: Your Questions About Check My Mortgage

  2. My loan started with BOA and was sold to Bayview. I never had one problem the whole time I was with Bayview. Now my loan has been sold back to BOA. The second mortgage statement they sent to me stated that my escrows were going up $326.00! Now my payment is 709.00 nad this would raise my payment to $1,026.00! How can taxes and insurance go up by $326.00. My insurance and taxes are the same as last year and in 10 years have hardly gone up. This would mean that my escrows have gone up almost $4,000. They stated I could pay the escrow shortgage by over $800 but then my payment would still be $888.00 which is still 180.00 more. I plan on fighting this tooth and nail and if they think I am going to make a 1,000 payment each month, they are wrong! This is just highway robbery. I work in mortgages and have seen this numerous times and now it looks like it has happened to me.

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