r/personalfinance • u/in_sosa_we_trust • Oct 17 '24
Help! Monthly mortgage went up by 175%! Other
Hi! My Mortgage was recently 1512.61 and my escrow analysis just came in and they’re telling me by new monthly payments are 4167.61! Is this normal ????
I bought my home back in late August of 2022 so I didn’t pay taxes that year. The previous owner had a homestead exemption for being a senior citizen. However my 2023 county taxes came in and it’s 12,943.17!! I have an escrow account and I’m a first home buyer.
Is there anything I can do?? There no possible way my mortgage is that high for the area that I live in.
UPDATED****
Thank you guys for all the help, I went to the cook county treasure. I didn’t have the Homestead Exemption for the year of 2023 that cause the city of Harvey to increase my taxes significantly. HOWEVER, taxes did increase and 10,000 of property taxes to live in Harvey, IL is outrageous. I file the certificate of error and apply for the homestead exemption.
3
u/EowynRiver Oct 17 '24
Did you apply for a homestead exemption? Does the escrow include the unpaid taxes for 2023 (approximately 1/12 of unpaid tax) plus an estimate to pay 2024? If so, the escrow should drop down again after the 2023 taxes are paid. Did your mortgage not originally include an escrow for the 2023 taxes because you elected to pay your taxes yourself?