Watch your Escrows

I wanted to give  a heads up to people who own real estate in Cincinnati .  Please check your escrow account amounts on your mortgage.  My loan is with Countrywide which is now Bank of America. I pay the payments on time every month, but do not continually check the balance on my escrow account.  After realizing that my property taxes were due in a couple of weeks and reviewing my escrow account I realized that the amount in my escrow account was not enough to cover my taxes and homeowners insurance.

After contacting Bank of America, which acquired Countrywide they explained to me without hesitation that they did not account for the increase in property taxes and did not make the adjustments to my monthly payments.  So starting now my escrow account only has 50% of the capital needed to pay my property taxes and homeowners insurance renewal which are due June 1st so my account is in the red. The Bank of America rep  said I can either pay the money upfront or they will raise my mortgage $300 per month with no warning to cover the difference.  Please check your escrow balance to be sure this has not happened to you.

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