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Escrow

November 6th, 2019 at 01:08 am

I've been sending and extra $25 here and there to the escrow of one of our rental properties. Every year, there seems to be a shortfall due to the property taxes going up. Yesterday, I received a check from the mortgage company for $206 for a surplus on our escrow and our mortgage payment went down $26. I am going to continue paying the same amount and send the extra $26 to minimize any escrow shortage next year.

Posted in Uncategorized | 3 Comments »

3 Responses to “Escrow”

  1. disneysteve Says:
    November 6th, 2019 at 01:32 am 1573003929
    1573003929

    Yeah, there always seemed to be a shortage when they did the annual update. I never thought about paying extra throughout the year. I just waited for them to tell me how much it was short and then sent in a check. It was never more than a couple hundred dollars. I guess not only can't they have a shortage but they can't have too much of an overage which is why you got money back.

  2. Smallsteps Says:
    November 6th, 2019 at 02:07 pm 1573049240
    1573049240

    good for you that you have prepared for the escrow game.
    I got a letter in September saying they thought I had a shortage and would contact me. Well I looked and saw they took double the property taxes out and when they corrected that.......... my payment for next year went down $40 a month.
    Usually there is a payout of extra fund but i have not seen anything i am going to contact them as i just saw the payment drop happens for the December payment.

  3. rob62521 Says:
    November 7th, 2019 at 09:33 pm 1573162385
    1573162385

    Sounds like you have figured out how to beat their system. Good for you!

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