Shortage or Overage?

By
Real Estate Broker with M & M Realty of Brevard Inc. BK629999

Escrow Account Analysis Statements

Yesterday, I received my Escrow Analysis Disclosure Statements in the mail.  

At least once every twelve months your mortgage company reviews the amount of taxes, insurance and mortgage insurance, if applicable, being paid from your escrow account. In our area this is typically done in November, when taxes are paid and statements are mailed in December.

If they have collected too much over the past 12 months, typically they will spread the overage throughout 12 months, and lower your escrow payment, thus, lowering your mortgage payment.  If the overage is too large, they will often mail a check back to you.

If the mortgage company finds that there is a shortage in your escrow account, they have not been collecting enough each month to cover taxes, insurance and mortgage insurance.  They will send a deficiency statement indicating the shortage amount, divide it by 12 and increase the escrow payment by that amount each month. Or, they may give you the option of mailing a check for the amount of the shortage, thus allowing you to leave your monthly mortgage payment the same.

If you think that there is a problem with your Escrow Account Disclosure Statement contact your lender directly.

 

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Location:
Florida Brevard County Melbourne
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Tags:
escrow analysis disclosure statements
property taxes

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Rainmaker
694,758
Debbie Walsh
Hudson Valley NY Real Estate 845.928.8000
Keller Williams Realty

Overage?   Hahhahahahahahahahahaha

December 29, 2010 05:15 PM
Rainmaker
599,425
Sandy Shores Broker, Melbourne FL
Brevard County FL Real Estate
M & M Realty of Brevard Inc.

Hi Bruce, Good point. On my primary residence I pay my escrow, taxes and insurance, myself.  I prefer to take care of it separately.  However, on several of our rentals we have escrow accounts set up with the lenders.

December 29, 2010 06:05 PM
Rainmaker
599,425
Sandy Shores Broker, Melbourne FL
Brevard County FL Real Estate
M & M Realty of Brevard Inc.

Hi Debra, You're too funny. It's doesn't happen often, does it?

December 29, 2010 06:06 PM
Rainmaker
1,580,392
Lou Ludwig
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO
Ludwig & Associates

Sandy

Great tip on our escrow account, thanks for sharing the information.

Good luck and success.

Lou Ludwig

December 29, 2010 11:39 PM
Rainmaker
599,425
Sandy Shores Broker, Melbourne FL
Brevard County FL Real Estate
M & M Realty of Brevard Inc.

Hey Lou, Thanks.  We are reminded in December when we get these statements what our lenders are adjusting based on our tax and insurance bills.

December 30, 2010 02:30 PM
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Rainmaker
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Brevard County FL Real Estate
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Melbourne FL Real Estate and Brevard County FL Real Estate - Residential, New Construction, Relocations and Investment. _________________ Sandy Shores on Zillow Sandy Shores…