Posted on: 19th Jul, 2010 12:06 pm
We own a rental property and this year they readjusted the escrow accout 2 times and we never recieved notification of anything. I continued to make the exact same payment as usual and always on time......now they say we are 578.46 behind....OK, due to the increase and have noted n my husbands credit report he was 30 days behind. I am willing to pay the money to day to make up for the difference.but we do not want or need his credit hit as we are in the proicesws of sellin our current primary residence and both have EXCELLENT credit (inthe 800's), I am in a panic about his as it might jepordise his credit.......for something we were not privy to. BTW: the taxes have been reassessed in the rental property and now the escrow should go dow, not up but we are getting repeorted for late.......any suggestions????
Though the escrow would go down now, you're liable for paying the deficient escrow payments back to the lender. As you have the money it would be better to pay it off and save his credit score from getting reduced.