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Mortgage upped my Escrow 5k
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My bank that holds my mortgage was just bought out by another bank. My property taxes were paid in full using my escrow account in 2023. The new bank says they prefer a $5k buffer in escrow accounts and have increased my fixed rated mortgage $480 a month to create an addition $5k in my escrow. I have never been short in my escrow to pay my $7k property taxes. Can they do this to me? It's putting me in a tight spot.
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- 8 months ago
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