When I originally signed my mortgage agreement ( a 30 year fixed rate FHA loan XXXX, I was given an estimated monthly payment of {$1400.00}. Of this amount, about {$820.00} was principal and interest and the rest was escrow XXXX property taxes, insurance, mortgage insurance, etc. ). Both my mortgage agent and the mortgage originator were aware that my property taxes would be adjusted based on the selling price and I was told that the {$1400.00} was an accurate estimate based on all available information at the time of closing. As it turns out, this estimate was very far from being accurate. 

After being in the house for approximately 1 year, I was told that my monthly payment would be going up by {$30.00} per month. I was not happy about this, however, I understand that it is not always possible to accurately estimate expenses so I paid it without complaint. Then about 1 1/2 years after closing ( which was about a month ago ) I received a letter saying my monthly payment would be going from {$1400.00} to {$1700.00} per month, primarily due to higher property taxes. 

This was upsetting for several reasons. First, I can not afford to pay an extra {$240.00} per month for home. Secondly, the property taxes due for 2015 were based on the selling price of my house XXXX not a higher value ) and this was known when my original escrow was calculated. Third, when I called my mortgage service noone ( not even the " operations manager who I waited on hold for 30 minutes to talk to ) could explain how this outrageously higher escrow amount was calculated. All he could say is " Well, it looks like your property taxes went up. '' When I explained that my mortgage company knew they would go up and by how much when my original monthly payment was given to me he had nothing to say. 

To me, this seem like a classic " bait and switch '' tactic by the mortgage agent, the mortgage originator or both. I say this because all of the information needed to give me an accurate estimate of my monthly payment was available when I closed on my home. Instead of providing accurate information, they ( apparently ) estimated my escrow based on property taxes that they knew were lower then those that I would have to pay. I am shocked and want to know if this is legal and XXXX if so ) how it could be so. After all, all other types of installment payments ( that I am aware of ) require an accurate disclosure to the consumer of their monthly payment obligation. After all, if this is not provided how can the consumer determine if the home is affordable or not when they make a 30 year debt obligation. 

Thank you for your time and I look forward to your response. 
