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Post by mightyme on Jul 25, 2014 21:40:50 GMT
We got the letter from our mortgage co. The one about your overage or shortage. You's think I would know this after so many years. But The new payment does not include new insurace inscrease. they are using the old amount and it looks like they used the amount before that for our payments the last year.
In other words they will not be adjusting our payment for the increase of our insurance until next year? When it then shows a shortage? I was thinking they knew the insurance would be more and figure it accordingly.
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mimima
Drama Llama
Stay Gold, Ponyboy
Posts: 5,073 
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Post by mimima on Jul 25, 2014 21:57:27 GMT
Your letter should spell out the amount. I'd call my insurance company to be sure that I had the right amount, and that they had alerted your bank, and then call the bank and confirm they knew about the new amount. You definitely don't want to be short - that's always not a fun letter to receive.
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Post by krazykatlady on Jul 26, 2014 3:25:04 GMT
Mine always shows the amount of the previous year's insurance. I always just assumed it was because they send the letters out in January but my insurance doesn't bill until May. They really don't have an idea how much it might change
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Post by eebud on Jul 26, 2014 5:15:03 GMT
When I escrowed taxes and insurance, they always used the last bill they paid so they were always behind. If I knew it was going to be more, I included extra in my payment and designated it for escrow. Then I wasn't short.
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garcia5050
Pearl Clutcher
Posts: 2,770
Location: So. Calif.
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Post by garcia5050 on Jul 26, 2014 5:20:28 GMT
My servicer is allowed a certain 'pad' amount, and they definitely use it. We had increased our insurance coverage anda just had to pay a few dollars at the end of the escrow year. It wasn't bad.
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