Complaint / review text:
Our mortgage was sold to Carrington around October of 2014. For years prior, we were with Chase Bank, a reputable, well known establishment. I was horrified when our mortgage was sold because I've seen the negative impact this has had on some other families. I was surprised when I didn't have these issues and everything went smoothly with our first payment. It even stayed the same! Then the first of the year comes around and our escrow account gets analyzed. I had the same insurance company for homeowners I had had for years. My property taxes fluctuate within a few dollars of where they are now. So needless to say I wasn't expecting anything to change on their end since nothing changed on my end.
Well, imagine my surprise when my escrow payment was increased by $175 a month! We will have paid an additional $2100 this year alone ON TOP of what our normal escrow payment is, which covers everything coming out of my escrow and has for years before this company bought my loan. I was thinking about doing my own taxes and insurance and not paying it out of an escrow account until I read some other reviews of how Carrington will charge you regardless and won't refund any money you've put in escrow thus far. I'm at a loss at to what to do. But if you get stuck with Carrington and can, refinance as soon as possible to get away from them!