$2200 escrow shortage...update

Uggghhh...just received notification from the bank. I guess taxes went up. So I either A. pay the shortage and my payment goes up by $200 a month or B. don't pay the shortage and my payment goes up by $400 a month! It makes me want to throw up that I'll be paying $3000 a month for a total fixer upper! I don't know how everybody does it. Okay, vent over!

Update...
So turns out when we closed on the house the taxes were never adjusted. We have been paying what the previous owner paid with the senior STAR. We got an overage check last year of $1700. So they caught up with the taxes. Really it's just a $500 increase due to school taxes. Still sux but what can you do. We're going to pay the shortage so that our payment only goes up a little less than $200 instead of $400.

Message edited 11/29/2009 3:37:45 PM.

Re: $2200 escrow shortage

urgh, that stinks! I'm not paying a mortgage yet but will be soon. I honestly don't know how everyone affords it. There is so much involved in homeownership and the taxes are just rediculous on Long Island!

Re: $2200 escrow shortage

i hate those shortages... but that is ALOT for a shortage... do you know for sure that it is your taxes that went up? My shortage for the last 4 years is typically 300-500 dollars....

Re: $2200 escrow shortage

We received the same notification! also so annoyed about the extra $$ for a fixer upper

Re: $2200 escrow shortage

Take your taxes out of escrow if you can.

Re: $2200 escrow shortage

1-check and make sure that you are getting your STAR rebate.
2- grieve your taxes
3- make sure that your homeowners didn't skyrocket b/c you are near the water.
4- good luck to all of you! something like this happened to me and i called my mom / atty Sh!!!ttin a brick and she said "welcome to long island..." it's the land of the taxed for Goodness sake!!!





good luck...

PS, i blamed it all on my taxes, but some were my village taxes, others were the county taxes, MOSTLY SCHOOOL TAXES, lastly was homeowners insurance...

Re: $2200 escrow shortage

WOW that is a lot! I would double check on that raise! I can understand a few hundred but that is $$$$. Yea the school taxes are getting out of hand!

Re: $2200 escrow shortage

This is why we took the taxes out of escrow and pay them ourselves.

Re: $2200 escrow shortage

wow! That's a huge shortage; we also received a similar letter saying our escrow was short by $500; We had to pay the extra money but our payment still went up a little

Re: $2200 escrow shortage

We had a shortage last year- paid $200 extra per month, then there was an overage, so we got all the money back at the end of the year.

Re: $2200 escrow shortage

Got the same letter last month

Re: $2200 escrow shortage...update

When you are purchasing a home it's important to be aware of any exemptions the Seller has been getting on their taxes. Your attorney should adjust accordingly at closing and at least prepare you for the potential increase.

Best of luck to you :)

Re: $2200 escrow shortage...update

wow!!! sorry to hear that

Re: $2200 escrow shortage...update

ON UPDATE: Yep your lawyer and the title company should of addressed this at closing. That is what happened to us - we were told the day of closing that there was exemptions on the taxes and we had to write out an additional check out to cover it. So now it will only happen once for you and never again. That stinks though!