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mikeswife06
Drama Momma
Member since 9/06 9947 total posts
Name:
Anne
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When your taxes go up...
and they are included in your mortgage payment...how does that work out? Does your mortgage payment go up? Do you get a bill for the difference? TIA 
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Posted 3/26/07 6:22 PM  |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: When your taxes go up...
What will happen is the bank will do an accounting its usually once a year--if you are over in your escrow they will send you a check. If you are under then they will still pay your taxes and you might have a deficiet in your account. They will still pay everything until the accounting is done. Then they will give you 2 options (1) either ask you to pay 1 lump sum to get your escrow where it should be according to them & raise your payment the amount equal to the increase divided by 12 or (2) increase your payments by the increase in your taxes and the amount they need to make your escrow account up to par divided by 12.
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| Posted 3/26/07 7:35 PM |
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Re: When your taxes go up...
Posted by csorisi
What will happen is the bank will do an accounting its usually once a year--if you are over in your escrow they will send you a check. If you are under then they will still pay your taxes and you might have a deficiet in your account. They will still pay everything until the accounting is done. Then they will give you 2 options (1) either ask you to pay 1 lump sum to get your escrow where it should be according to them & raise your payment the amount equal to the increase divided by 12 or (2) increase your payments by the increase in your taxes and the amount they need to make your escrow account up to par divided by 12.
That's correct. Call and ask though. Our first year we did our payments based on the taxes of previous owner...lalalalal,....long story short, w were under and that escrow company charged us money for going negative (I don't mean the charge to make up the difference but an actual charge for going into negative).
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| Posted 3/27/07 3:57 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: When your taxes go up...
yes that is what usually happens.
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| Posted 3/27/07 9:09 AM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: When your taxes go up...
You should defintely be proactive. Our taxes went up and they never raised our payment. Yesterday we got a bill for $1200 for the escrow shortage. They will split it over 12 months if we want, but they are also raising our monthly payment, so we are just going to pay it outright.
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| Posted 3/27/07 9:13 AM |
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RM23
LIF Adult
Member since 5/06 997 total posts
Name:
Rachel
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Re: When your taxes go up...
Isnt there a way to check your balance in the escrow account monthly to see if you are going negative, or close to it?
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| Posted 3/27/07 10:36 AM |
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