unionhomemortgage.com

UHM is a great way to lose your home

In 08/2020 I closed on a home loan with UHM. During the process, my home was valued at $250,000. My resulting monthly payment to UHM was approximately $1388 for mortgage principle, interest, and escrow for property taxes and insurance.In 07/2021 UHM reached out with the promise of lowering my interest rate and monthly total payment through a refinance. The refinance closed in 09/2021. During the process, my home was valued at $280,000, and my resulting monthly payment was $1288 for principle, interest, and escrow for property taxes and insurance.In 04/2022 I discovered UHM had not paid one penny of my property taxes, and that the tax bill due had increased from $3,551.77 to $4,297.66 due to penalties and late fees. At first, UHM denied any culpability despite underestimating the property tax on a home they valuated just a few months earlier, and for a county whose tax rate they knew. With much wrangling, UHM finally agreed to pay this bill.On 06/01/22, UHM auto-debited my monthly payment from my checking account. To my surprise it had increased from $1288 per month to $1866 per month without any notice whatsoever! This is an increase of almost $600 per month from my promised lower monthly payment just 9 months earlier during refinancing! Refinancing with UHM has likely cost me my dream home, because my initial mortgage’s payments increased by $500/month as a result, and the refinanced monthly payments increased $600/month. This represents a 45% increase! For their mistake! From what they put into my closing contract in 09/2021! Despite the clause that states THEY will be responsible for any underestimation of property taxes, within the closing contract.Thanks to choosing UHM for my mortgage and refinance, my monthly payments increased almost 50% within 18 months of purchasing my dream home, meaning I’ll likely have to sell it within 12-18 months, despite all the money that I’ve sunk in it, in the meantime.

Date of experience: Jun 03, 2022