Legal Question in Real Estate Law in New York

Real estate
Nothing in my closing papers state that my bank can set up an escrow account if my taxes and insurance are paid up. They made me pay a fee to check to make sure payments are being made. They also made several attempts to abandon the closing. I have never been delinquent with real estate taxes and my insurance is paid up to a year. This bank has also refused to
properly credit any additional principal that I specificy to be added to the principal. I feel that that they are trying to fraudulently increase my monthly payments to cover all the other home owners that have defaulted. I bought my house in 1996. My principal is not going down either

Asked on 4/17/08, 4:28 pm

jeffrey lazroe Jeffrey A. Lazroe attorney at law

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Re: Real estate

It does seem that they are setting you up - perhaps for a foreclosure.

The bank/financial institution that lent you the money to begin with is bound by the terms of the mortgage and any attachments to the mortgage.

If there is not escrow account set forth in the mortgage, then one is not required.

You should receive a monthly statement stating what the balance of your mortgage is, taking into account your last mortgage payment.

I thing that you should contact a lawyer immediately to put an end to the bank's practice, A preemptive strike is what is needed.

If you should need the services of this office, please feel free to contact me.

Answered on 4/28/08, 3:26 pm

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