Posted on: 17th Mar, 2008 01:23 pm
Hi
My mortgage went way up because of my Escrow.
recently my loan was sold to a different bank.
my Mortgage was $917.77 and Escrow $184.89, Total= $1,102.66
I just got a Annual Escrow Account Disclosure Statement saying
that my principal is $917.77 and my Escrow is $247.40 and also
a SHORTAGE SPREAD of $93.77 for the total of 1,258.94
Can I Please get a Explanation on this matter.
Thank You.
Oscar. :(
My mortgage went way up because of my Escrow.
recently my loan was sold to a different bank.
my Mortgage was $917.77 and Escrow $184.89, Total= $1,102.66
I just got a Annual Escrow Account Disclosure Statement saying
that my principal is $917.77 and my Escrow is $247.40 and also
a SHORTAGE SPREAD of $93.77 for the total of 1,258.94
Can I Please get a Explanation on this matter.
Thank You.
Oscar. :(
I received my shortage increase of 680.00 and had a question about sending more then that amount say about 800.00. Would that bring my mortgage payment down with the added amount in escrow?
I got hit with the same escrow shortage scam. In my opinion this is nothing more then a scam for banks to have more assets in there banks.
Beverly, it's better to pay the exact amount rather than paying anything extra. There is no guarantee that you mortgage payments will come down if you pay extra.
Most times an individual has little or no property they will have to turn over so this chapter is the most desirable and common.
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I dont totally agree with Mark J. It is always good to make a extra payment in your loan. this would save you a lot of money in interest. Just always make sure that you inform your mortgage company, that the extra money would go towards your principal balance and not on your escrow account/payment.
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