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3 Bumps

Can someone plz explain?!

So i get a statement in the mail about my mortgage on our house saying that our payments will be going up by $200 a month starting March 1st. We pay escrow and all the ins stuff within our house payment and i realize the economy is crazy right now, but why would it be going up SO much starting march? I am freaking out just a bit! We have been buying our house for 3 years this year.

Answer Question
 
leann74016

Asked by leann74016 at 6:19 PM on Jan. 18, 2011 in Just for Fun

Level 16 (2,449 Credits)
Answers (7)
  • Has your property tax and/or insurance increased?
    shanlaree

    Answer by shanlaree at 6:22 PM on Jan. 18, 2011

  • You probably have an ajustable rate mortgage and it will go up with one of those. Your insurance and taxes could have gone up too. Call your mortgage company and ask them. I would also refinance out of an adjustable rate mortgage if you have one.
    tyfry7496

    Answer by tyfry7496 at 6:23 PM on Jan. 18, 2011

  • yes ours has slowly increased over the years and it was because of property taxes. Not a fun letter to recieved though.
    Aries46845

    Answer by Aries46845 at 6:27 PM on Jan. 18, 2011

  • what sort of loan did you have? if it was a adjustable rate mortgage, then this is what happens.

    thats why we still rent.

    I assume you read all the paperwork when you bought your house? if it wasn't in there, then that's a problem.
    ItsMe89

    Answer by ItsMe89 at 6:28 PM on Jan. 18, 2011

  • It could be any of the above answers
    kim0167

    Answer by kim0167 at 6:31 PM on Jan. 18, 2011

  • Your insurance or taxes have probably increased.
    tiddliwinks

    Answer by tiddliwinks at 6:40 PM on Jan. 18, 2011

  • We had the same problem. Our flood insurance went up by 3X compared to last year. Due to this, our payment went up $200. The taxes also went up, so we have a payment that is $450 more than what we signed our mortgage for. And they wonder why everyone is filing for BK and foreclosing???
    TitusMom7

    Answer by TitusMom7 at 7:22 PM on Jan. 18, 2011

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