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Started By
Message
Escrow underpayment?
Posted on 10/19/13 at 1:23 pm
Posted on 10/19/13 at 1:23 pm
So living in Oklahoma w all of the twisters and two claims on my home( both new roofs) I am going to be 800 short in my escrow? Do you all just cut the check and keep your payments the same or hold on to your cash and watch your payments go up? Thanks for your feedback
4
Posted on 10/19/13 at 2:09 pm to Mercy Percy
If your mortgage servicer knows what it is doing, it will increase your monthly payment to cover the higher insurance premium.
You won't have to decide.
You won't have to decide.
Posted on 10/19/13 at 3:08 pm to LSURussian
Well they are giving me the option? What's best to keep my cash and just pay it off each month or just write the check and keep the payment fixed? Tia
Posted on 10/19/13 at 3:19 pm to Mercy Percy
Posted on 10/19/13 at 4:54 pm to Layabout
If you got the money you can pay it and keep the payment the same. If you don't mind a slightly higher not they will space it out over 12 months
Posted on 10/20/13 at 8:14 pm to MsState of mind
His payment going up regardless it saves from going up twice as much
Posted on 10/20/13 at 8:58 pm to Mercy Percy
Same thing happened to me. I got a letter in the mail from the mortgage company saying I could stroke a one time check or make higher monthly payments.
Posted on 10/21/13 at 12:48 pm to MsState of mind
quote:
If you got the money you can pay it and keep the payment the same. If you don't mind a slightly higher not they will space it out over 12 months
You can also give them a call and stretch it out longer than 12 months. Keep your cash and limit the increase.
Posted on 10/21/13 at 2:20 pm to Mercy Percy
Pay off the mortgage, then you don't have to worry about people badgering you about insurance and taxes. Or go the non-escrow route if you ever refi.
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