| Posted By |
Message |
ostrichhh
LIF Infant
Member since 5/08 301 total posts
Name:
|
low escrow funds???
our mortgage bill came today and it was 150 dollars higher than normal. i called the bank and they said it was because the excrow funds were too low. apparently queens boro taxes and our home insurance went up (both paid from escrow monies) and it depleted the escrow, so the mortgage becomes higher. im new to this stuff, does this sound right to you? has this happened to anyone before??
|
Posted 8/24/09 5:16 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
|
Re: low escrow funds???
yup. one a year they review your escrow, if you arent paying enough into it to cover homowners & taxes, you have to make up for it. it stinks!!!
|
| Posted 8/24/09 5:18 PM |
| |
|
TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
|
Re: low escrow funds???
It happened to us also. We just paid the difference out of pocket instead of having our monthly payment go up. Fun, right? 
|
| Posted 8/24/09 5:25 PM |
| |
|
ostrichhh
LIF Infant
Member since 5/08 301 total posts
Name:
|
Re: low escrow funds???
Posted by rkoenke
yup. one a year they review your escrow, if you arent paying enough into it to cover homowners & taxes, you have to make up for it. it stinks!!!
thanks. it definitely stinks. do you think my payment will always be 150 more or will it go back to normal once the escrow has sufficient funds?
im going to go to the bank to ask this stuff but i figured id run it by you guys first. 
|
| Posted 8/24/09 5:26 PM |
| |
|
lucamon
LIF Adult
Member since 6/09 1133 total posts
Name:
Samantha
|
Re: low escrow funds???
Yup, our mortgage goes up every year due to escrow, except for this year. It went down. 
Going up $150 seems to be a lot, that's $1800 for the year. Either way, your mortgage company should have notified you of the increase.
|
| Posted 8/24/09 6:10 PM |
| |
|
Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
|
Re: low escrow funds???
ours has gone up a few times as well...but I think more like $50 or so
it's inevitable - property taxes go up every year.
|
| Posted 8/24/09 6:33 PM |
| |
|
snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
|
Re: low escrow funds???
I am new to this stuff too and I have to tell you, it is REALLY confusing LOL
I was just telling DH that i consider myself reasonably intelligent and I have to read this mortgage stuff OVER and OVER!
|
| Posted 8/24/09 6:43 PM |
| |
|
ChrisDee
My Girls
Member since 11/06 9543 total posts
Name:
Christine
|
Re: low escrow funds???
Happens all the time. Whenever your taxes go up which they do pretty much every year, they need the money to pay it and they also need addtional money in escrow for next years new higher rate. I have been in my house 11 years and my taxes have gone up approx. $400-500 per year. We have not added anything to the house to raise the taxes.
|
| Posted 8/24/09 10:04 PM |
| |
|
donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
|
Re: low escrow funds???
totally normal... happened to us too coming up for September and the amount is the same. this happens if you pay your homeowners and taxes within your mortgage. only time a mortgage stays the same forever is if it's fixed rate and it's only though. the minute you add the taxes, homewoners, all that can it vary year-to-year as those costs go up.
|
| Posted 8/25/09 9:59 AM |
| |
|
