Posted on: 03rd Jun, 2010 03:29 pm
mortgage bill
Hi juliomariel!
Welcome to forums!
I guess you're speaking about escrow overage and shortage. An overage occurs when your escrow account has an over collection of funds which the lender may use to pay your property taxes and insurance. A shortage, on the other hand, occurs when there is not enough money in your escrow account to pay the property taxes and insurance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I guess you're speaking about escrow overage and shortage. An overage occurs when your escrow account has an over collection of funds which the lender may use to pay your property taxes and insurance. A shortage, on the other hand, occurs when there is not enough money in your escrow account to pay the property taxes and insurance.
Feel free to ask if you've further queries.
Sussane