Question About Escrow and Property Tax

[Biscuitsmom31]

First of all, I'm going to call the credit union tomorrow and find out about this. They're already closed for the evening. I'm hoping someone here knows the answer so I can get some sleep tonight.

My property taxes went way up this year. I got the statement from the county last night - I just checked my mortgage account online and discovered that they haven't held enough out in escrow to cover the taxes and my homeowners insurance. My insurance isn't due until March, so if they will put all the escrow money towards the taxes, it will give me 3 months to come up with the money for the insurance. If they want the extra amount for the taxes now...

Anyone have experience with this or how it works?

 

[SHAYMARAYSMOM]

First of all, I'm going to call the credit union tomorrow and find out about this. They're already closed for the evening. I'm hoping someone here knows the answer so I can get some sleep tonight.

My property taxes went way up this year. I got the statement from the county last night - I just checked my mortgage account online and discovered that they haven't held enough out in escrow to cover the taxes and my homeowners insurance. My insurance isn't due until March, so if they will put all the escrow money towards the taxes, it will give me 3 months to come up with the money for the insurance. If they want the extra amount for the taxes now...

Anyone have experience with this or how it works?

This has happened to us. My taxes go up every year like everyones
So what my bank does is they pay then send me a notice that my mortage is going up so much a month .
But we always have the option to give them the money to keep the monthly rate from going up

 

[CharityLynn]

This happened to us too our payments went up $100..We've lived her almost 4 years and our payment has went up nearly $200 because of taxes and escrow.

 

[skuttle]

This happened to us last year. Our mortgage paid and we were given the option to either pay it all at that time, or add on extra to our mortgage for the next 12 months.

 

[okeydokey]

The mortgage co will send you a letter saying you can pay the shortfall in cash now. Your other option is to let the monthly payment go up even more to make up for the shortfall this year AND to collect enough for next year.