Is your lender withhold too much of your money in your impound account?

As prices of homes have decreased across southern California and specifically in Apple Valley, Hesperia and Victorville tax assessors have been reducing tax bills accordingly with corresponding cuts in insurance premiums. 

If you have been notified by your lender that your impound account is short and needs to be increased or even if it has remained unchanged it is in all likelihood that you are having too much money held by the lender in your impound account. 

If your property taxes have been reduced, your insurance rates lowered and you have an impound account with your lender you could potentially be looking at hundreds of dollars that could be in your pocket instead of the lenders. 

You will need to notify the lender and provide proof with a copy of your tax assessor bill and insurance invoices. 

If you believe that your lender has not followed RESPA requirements as it relates to your FHA-insured mortgage, you should contact 1-800-CALL FHA for assistance.