Legal Question in Real Estate Law in Illinois

Shortage in escrow account by lender

Our lender miscalculated our escrow

account even after receiving the 2006

taxes. They are now asking us to pay

$15,000 cash, or our payment went up

to $3,900 from it's original $1,775.

Besides a refi which may not be

possible, what are our legal rights or

options to avoid foreclosure?


Asked on 8/23/08, 4:26 pm

1 Answer from Attorneys
Majdi Hijazin Law Office of Majdi Y. Hijazin

Re: Shortage in escrow account by lender

Depending on the facts, you may or may not have a fraud case against your lender.

My advice: Call the lender and tell them they miscalculated your account. Request itemization. If that does not work, call me.

Also,perhaps your property taxes increased. Maybe that's the reason your monthly total amount increased? You may want to check into that.

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Answered on 8/25/08, 9:18 am


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