Monthly House Payments Making Home Affordable Refinance

by Wayne

Why have my monthly house payments increased 500 dollars after my Making Home Affordable Refinance? Hi Kate, Can my mortgage company raise my monthly house payments two months after I refinanced?

Wayne continues... We did a HARP loan (Making Home Affordable Refinance). They raise it almost $500.

Kate Answers: Why have my monthly house payments increased 500 dollars after my Making Home Affordable Refinance?

Dear Wayne, As a special 7 year old in our family would say, "WHAT the?"

Now if the mortgage company had calculated annual property taxes or homeowner's insurance incorrectly, a re-calculation of your mortgage payment is inevitable.

But not to the tune of $500 a month!

Here is how to calculate a mortgage payment so you can keep up with what lenders tell you. It's fun to use too.

Or if your first 3 monthly house payments were not timely, there may be a clause in your mortgage documents allowing your loan servicer to raise your mortgage interest rate.

To give you a leg up, here is a brief overview - without the lingo - explaining mortgage documents, Promissory Note, Adjustable Rate Mortgage Rider, and Prepayment Penalty Rider.

Call Your Mortgage Servicer ASAP - Like Right Now

But here's the thing. Let's say a homeowner was still struggling with monthly house payments after a Making Home Affordable Refinance.

Is it a reasonable (not to mention compassionate) to raise the mortgage payment $500, pushing the payment further out of reach?

Hopefully this is a fixable hitch in your Loan Servicer's giddy-up. (In non-cowgirl talk, a data entry mistake) So don't be shy. Call about your monthly house payments as soon as you can.

Tip 1: Call your mortgage company during early business hours to avoid being placed on hold for decades. Here are 7 ways to locate your loan servicer.

Get the person's name and direct phone number in case you need to call them back.

Tip 2: Insist on your mortgage lender's response in writing. Never rely on verbal communication alone. In case you aren't convinced, here's why all agreements regarding your mortgage must be in writing.

Wayne, one more thing. I'd like to hear back from you. Let me know if this page was helpful to you.

Comment here on Why have my monthly house payments increased 500 dollars after my Making Home Affordable Refinance?

Or Ask Kate another question here.

Best wishes,

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