I bought my first home last summer, and since then my mortgage has changed hands several times. Most recently, the bank that owned it was acquired by another institution about four months ago.
Since then, my monthly payment has gone up by nearly 50% due to a sudden increase in the escrow amount. I was already withholding to pay my property taxes, and even if that amount was previously zero the amount of the increase alone is more than the tax rate per month.
Because I'm still new to the ins and outs of home ownership finance, I'm wondering what information to request or what recourse I might have to try and fix this seemingly erroneous recalculation. Fortunately I can afford it until they recalculate again in July, but it's still a significant amount of money for me.