What is the name of your state?New York....Last year I had a shortage in my escrow account so my mortgage payment went up $50.oo a month and the shortage will be paid back this December.My school tax also went down by $650.00 a year..I called my lender today to let them know and to find out when my mortgage payment will be adjusted and when I will receive my escrow statement they said I will not receive it until May..So that means I will have to pay back on a shortage for 5 months after it will already be paid and also pay on taxes that has gone down which i know would lower my payments(assuming my other tax don't go up)Can they do this or do they have to adjust it sooner...Any info would be helpful...Thank's
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escrow account question
- Thread starter lmp518
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What is the name of your state?New York....Last year I had a shortage in my escrow account so my mortgage payment went up $50.oo a month and the shortage will be paid back this December.My school tax also went down by $650.00 a year..I called my lender today to let them know and to find out when my mortgage payment will be adjusted and when I will receive my escrow statement they said I will not receive it until May..So that means I will have to pay back on a shortage for 5 months after it will already be paid and also pay on taxes that has gone down which i know would lower my payments(assuming my other tax don't go up)Can they do this or do they have to adjust it sooner...Any info would be helpful...Thank'sThe lender is entitled to collect MORE than the amount needed to pay your taxes and other escrows, up to two month's worth more.lmp518 said:
Thank's...
Thank's for the reply..I just got off the phone with my bank they said I need to send them a copy of the new tax bill reflecting the new amount.....I find that really odd that I have to send them a copy of the bill when I just got a receipt for last month showing what they paid and showing the new amount for my school tax and it also states on the receipt that My school tax has gone down by$627.00....and when I do that they will adjust my payment if need be.Thank's again for the quick reply......
Thank's for the reply..I just got off the phone with my bank they said I need to send them a copy of the new tax bill reflecting the new amount.....I find that really odd that I have to send them a copy of the bill when I just got a receipt for last month showing what they paid and showing the new amount for my school tax and it also states on the receipt that My school tax has gone down by$627.00....and when I do that they will adjust my payment if need be.Thank's again for the quick reply......