One thing it is not "their home" It's the bank's home until the loan is paid off. They're just living in it.
Surprising from the liberal MSM that hates America!!
Ok, I’m lost.
My mortgage company sends a bill every month that (paraphrased) says: “Your mortgage is X, your escrow is Y. Pay us Z (X+Y).”
How on earth were they getting a bill that didn’t include the escrow, and why would Chase let them go that long with short payments? Wouldn’t the sudden tax bills and homeowner’s insurance bill be a red flag that something went bad with the escrow account? (Or am I just too responsible?)
Wells Fargo is being sued for doing just this. It seems the paperwork says “Full Payment” and other words to that effect, and they are not informing the customer that it is a P&I loan amount only. The article I read also mentioned that CitiMortgage is being investigated for the same thing.
Caveat Emptor! Read, ask lots of questions, and get it in writing before you sign.