There seems to be a lot of context missing because this does not make sense. A private entity has no say in what you pay after you purchase a property. Unless there is a private entity doing tax assessments. Which I’m hoping would be extremely unusual but I’m only familiar with the process in my area.
Probably the payment went up because of the taxes or insurance. Or maybe they didn’t have an escrow account and didn’t pay taxes or insurance and it was force placed.
If you have a variable rate it could also go up for that reason. But most people when rates were low had fixed rate mortgages.
There seems to be a lot of context missing because this does not make sense. A private entity has no say in what you pay after you purchase a property. Unless there is a private entity doing tax assessments. Which I’m hoping would be extremely unusual but I’m only familiar with the process in my area.
ARMs can go up. Generally not a great mortgage to get
Probably the payment went up because of the taxes or insurance. Or maybe they didn’t have an escrow account and didn’t pay taxes or insurance and it was force placed.
If you have a variable rate it could also go up for that reason. But most people when rates were low had fixed rate mortgages.
Could be fixed rate that expired and had to be renewed, but with a new rate.