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Escrow Shortage????????? UPDATE
I got a letter from my mortgage company saying our payment is going up like $400 because of excrow shortage?????????? What the hell is this...thanks
So I called my mortgage company my school taxes went up 1600 for the year and my city tax went up 1000 for the year...OMG im sorry but that is quite a jump for a year, there is no way i make enough or get raises to accomidate these increases!!!!!!!!!!!
Message edited 3/31/2009 8:08:36 PM.
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Posted 3/31/09 12:08 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Escrow Shortage?????????
Did you taxes or Insurance go up recently? Usually why this happens and it did happen to me because of the taxes.
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| Posted 3/31/09 12:10 PM |
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Re: Escrow Shortage?????????
oh wow i guess so, that just seems a crazy amount......LI taxes are really ridiculous
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| Posted 3/31/09 12:12 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Escrow Shortage?????????
Posted by secretbabymaker
oh wow i guess so, that just seems a crazy amount......LI taxes are really ridiculous
You can say that again
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| Posted 3/31/09 12:16 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Escrow Shortage?????????
Did you close on your house last year?
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| Posted 3/31/09 12:42 PM |
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KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
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Re: Escrow Shortage?????????
We got this too. Turns out that our insurance went up. The company neglected to notify us either of the increase. Mind you we haven't had one claim. We dropped them and swithed carriers.
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| Posted 3/31/09 12:53 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Escrow Shortage?????????
Did you apply for STAR? If you did not, your STAR exemption may have run out and that would also affect the amount of taxes you'd pay into escrow.
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| Posted 3/31/09 1:07 PM |
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isabelle2137
LIF Adult
Member since 12/06 1076 total posts
Name:
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Re: Escrow Shortage?????????
This just happened to me. We bought our home from a senior citizen who was receiving verteran exemptions on his taxes. The town did not correct for the first year we lived there. Now, they have caught up and are adding the difference to my taxes for the upcoming year. So I inevitably got a letter from my mortgage company about an escrow shortage too.
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| Posted 3/31/09 1:33 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: Escrow Shortage?????????
This has happened to us two years in a row. We had two options: pay out of pocket for the shortage monthly (as an increase to our mortgage) or pay the shortage upfront. We paid upfront, but our mortgage still increased slightly because of the increased homeowner insurance.
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| Posted 3/31/09 3:13 PM |
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LemonHead
Sour Girl
Member since 3/08 5271 total posts
Name:
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Re: Escrow Shortage?????????
This happened to us too- it was very annoying.
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| Posted 3/31/09 4:13 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Escrow Shortage?????????
mine went down.
sorry to say that to anyone... i had to pay a 266.00 up front amount and it went down even more.
this could happen next year to you guys because mine went up last year too.
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| Posted 3/31/09 4:29 PM |
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IrishLasss334
I'll be there soon!
Member since 1/08 6549 total posts
Name:
Patty
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Re: Escrow Shortage?????????
it might be the home owners insurance, same thing with me.
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| Posted 3/31/09 5:14 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Escrow Shortage?????????
SAme thing happened to me and it was bc on my Homeowners insurance and I wasnt even notifed by the insurance company.
In fact, that reminds me, i need to call and find out why
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| Posted 3/31/09 6:53 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Escrow Shortage?????????
this is one of the reasons we opted to pay insurance and property taxes separately. only payment to mortgage company is the mortgage.
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| Posted 3/31/09 6:57 PM |
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Re: Escrow Shortage????????? UPDATE
bump for update
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| Posted 3/31/09 8:09 PM |
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mom2aidan
2 boys & 1 girl :)
Member since 11/06 1874 total posts
Name:
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Re: Escrow Shortage????????? UPDATE
The same thing happened to us - SO ANNOYING!!!
Your taxes jumped A LOT! I don't understand how they can justify doing this to people!
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| Posted 3/31/09 9:07 PM |
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Re: Escrow Shortage????????? UPDATE
I got that letter in October and mine went up $200
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| Posted 4/1/09 10:53 AM |
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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Re: Escrow Shortage????????? UPDATE
They had evaluated ours for 6 months, not a full year, so our monthly payment went up $500 a month!!! We're barely holding on...its not easy....hopefully in Sept. things will adjust itself.
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| Posted 4/1/09 2:05 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Escrow Shortage????????? UPDATE
Posted by secretbabymaker
I got a letter from my mortgage company saying our payment is going up like $400 because of excrow shortage?????????? What the hell is this...thanks
So I called my mortgage company my school taxes went up 1600 for the year and my city tax went up 1000 for the year...OMG im sorry but that is quite a jump for a year, there is no way i make enough or get raises to accomidate these increases!!!!!!!!!!!
Are you sure its not star?
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| Posted 4/1/09 8:13 PM |
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