Honestly, I hear this all the time from clients. Had a buyer last year who brought me a statement with three different “escrow adjustments” that made zero sense, and it took us two weeks to get a straight answer from the bank. Ever tried calling customer service about these things? Do you think they make it complicated on purpose so people just give up?
Ever tried calling customer service about these things? Do you think they make it complicated on purpose so people just give up?
Honestly, I’ve wondered the same thing. Here’s my go-to when a statement looks off: First, grab last year’s escrow analysis and compare line by line. If something doesn’t match up, jot down the exact numbers and dates. Then, call the bank—but ask for the escrow department directly (not just general customer service). It’s not foolproof, but it usually gets you to someone who actually knows what “escrow adjustment” means. And yeah, sometimes it feels like they’re hoping we’ll just shrug and pay up... but persistence pays off.
Title: Mortgage statement mistakes: did you know you have rights?
I’ve seen folks get tripped up by those escrow changes more than once. Funny thing—years ago, a client swore her payment went up for no reason. We dug through the paperwork and, sure enough, her insurance premium had jumped but the bank never sent her the updated analysis. Took three calls and a fair bit of patience to sort it out. Sometimes it’s just a system error, but other times... yeah, it does feel like they’re not in a rush to clarify things.
I always tell people, don’t just trust the numbers because they’re printed on a statement. Mistakes happen, and honestly, the onus is on us to catch them. Has anyone ever actually filed a formal written dispute with their servicer? I’m curious if that process works better than phone calls, or if it’s just another hoop to jump through.
I’ve actually gone through the written dispute process, and honestly, it’s a bit of a hassle but sometimes necessary. Here’s what worked for me: First, I gathered every statement and document related to the error—don’t just rely on what the bank sends you. Then, I wrote a clear letter outlining the mistake, attached copies (never originals), and sent it certified mail. It took a few weeks, but I did get a formal response and they fixed the issue. Phone calls are faster for simple stuff, but if you want a paper trail or things get complicated, written disputes are worth the effort. Just be prepared for some back-and-forth... patience is key.
Totally agree on the patience part—banks seem to move at their own speed, right? I always wonder if they read those letters or just let them marinate for a bit first. Ever had them try to “resolve” it over the phone after you sent all that paperwork? That’s happened to me twice... never gets old.
