Re: Lowering Escrow Payment
01-27-2013 09:38 AM
Yes I agree. You don't have an option but to pay it. Property taxes and insurance fluctuate over the life of the loan. They do their best to estimate what the costs will be and some of that estimating depends on how you setup your escrow account in the beginning. There were two different escrow options on one of the loan paperwork forms I had to fill out and one required more money upfront at closing but reduced the risk of my escrow account being short. And if it turns out my escrow account had more money in it than needed for that year, I get a refund. It is unfortunate that your escrow account didn't cover everything that year and that you have to pay. Hopefully, it is adjusted so that next year you break even or get a refund check.
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