Bank Issues

[Ali Samana]

I have a house that I have as a sub2. Yesterday I found out that the bank raised the payment on the house from 759 (PITI) to 1014.89. When I called to inquire about it, the bank wasn't very helpful and I was being told that it has always been at the higher amount. When I started pointing out conversations (I take good notes) when I was told otherwise the lady got abrasive and refused to help me.

My question is, has this happened to anyone, what are some of the reason that a payment would increase by this much?

The taxes on the house are 1500/year and insurance is about 1300/year. The balance is about 50k on the note.

[Sharad M.]

Hi Ali-

I am a newbie investor, but I can't think of anything other than the loan being an ARM and the interest rate got adjusted. Or the taxes were assessed higher this year. May be the loan term was changed to a shorter period?

Thanks!