Mortgage -- Trouble during payment process -- Complaint #7275649
Complaint Overview
Complaint ID: 7275649
Company: New York Community Bancorp INC
Product: Mortgage
Sub-Product: VA mortgage
Issue: Trouble during payment process
State: Idaho
ZIP Code: XXXXX
Date Received: 2023-07-19T12:00:00-05:00
Date Sent to Company: 2023-07-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
Mortgage Escrow department refuses to apply reductions in projected property tax obligations. They are basing escrow on tax status of previous owner. They are knowingly retaining excessive portion of my mortgage payment without interest. I have attempted since XX/XX/XXXX to get their Tax department to correct their errors without success. Copies of all changes affecting the reduction of my property taxes was forwarded to the Escrow department and it is recorded with XXXX XXXX XXXX department that on XX/XX/XXXX they accessed and verified the changes. Assessed value of the property was reduced from {$540000.00} in XXXX to {$390000.00} in XXXX. The reduction in assessed value lowered property from {$4700.00} in XXXX to {$3400.00} in XXXX. Ownership of the property changed in XX/XX/XXXX. I am a XXXX XXXX XXXXXXXX Veteran. The approved annual deduction is {$1500.00}. {$750.00} reduction in tax obligation applied to XX/XX/XXXX payment and {$750.00} applied to XX/XX/XXXX. The result of the two reductions has lowered property tax from {$4700.00} in XXXX to {$1900.00} in XXXX. A major reduction!!!! The escrow payment for taxes is reduced from $ XXXX in XXXX to {$150.00} in XXXX. A $ XXXX mo reduction in escrow withholding. The Escrow department added a {$50.00}. / mo deficiency withholding, giving a total excess of {$280.00} being withheld each month for 12 months. The correct calculation of Escrow payment ; Taxes $ XXXX = {$150.00} Insurance $ XXXX = {$100.00} Escrow Payment {$250.00} The {$280.00} / mo withheld by the mortgage without interest should be applied to my principal, reducing my interest charges and elimination of my debt. The knowingly misappropriating my funds should be considered a criminal act. It is on record that the Tax department was made aware of these reductions on XXXX XXXX but disregard the reductions for their financial gain. The Escrow withholding is a projected figure based on property owners expected expenses and reductions, not an exact figure based on past ownership and tax status.
Frequently Asked Questions
What is Complaint #7275649 about?
Complaint #7275649 was filed against New York Community Bancorp INC regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-07-19T12:00:00-05:00.
How did New York Community Bancorp INC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against New York Community Bancorp INC?
Yes, visit the New York Community Bancorp INC company profile at readthecomplaint.com/company/new-york-community-bancorp-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.