Shortage or Overage?

By
Real Estate Broker/Owner 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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Rainmaker
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Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Hi Sandy,

This is a good reminder for your clients with mortgages to check on this.  I have always paid our two property tax installments in the lump sum every spring and fall so I don't have to rely on the lender getting things right.

Dec 29, 2010 04:47 PM #1
Rainmaker
734,812
Debbie Walsh
Keller Williams Realty - Middletown, NY
Hudson Valley NY Real Estate 845.928.8000

Overage?   Hahhahahahahahahahahaha

Dec 29, 2010 05:15 PM #2
Rainmaker
623,271
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

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.

Dec 29, 2010 06:05 PM #3
Rainmaker
623,271
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

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

Dec 29, 2010 06:06 PM #4
Rainmaker
1,840,997
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Sandy

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

Good luck and success.

Lou Ludwig

Dec 29, 2010 11:39 PM #5
Rainmaker
623,271
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

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.

Dec 30, 2010 02:30 PM #6
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Rainmaker
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Sandy Shores Broker, Melbourne Real Estate

Brevard County FL Real Estate
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