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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M & M Realty of Brevard, Inc. 

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Rainmaker
351,099
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.

December 29, 2010 04:47 PM #1
Rainmaker
720,039
Debbie Walsh
Keller Williams Realty - Middletown, NY
Hudson Valley NY Real Estate 845.928.8000

Overage?   Hahhahahahahahahahahaha

December 29, 2010 05:15 PM #2
Rainmaker
616,841
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.

December 29, 2010 06:05 PM #3
Rainmaker
616,841
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?

December 29, 2010 06:06 PM #4
Rainmaker
1,677,504
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

December 29, 2010 11:39 PM #5
Rainmaker
616,841
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.

December 30, 2010 02:30 PM #6
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