I’m really worried about my mortgage payments. They’ve jumped from $1700 to $2100 a month out of nowhere. My bank says it’s because of an escrow shortage. But I don’t get it.
I’ve tried to fix things on my end:
- Got my home insurance cost down by about $1000
- Checked with the tax office, they said my taxes only went up $400 over 5 years
I told the bank all this, but they’re still asking for $2100 a month. It doesn’t make sense to me. Can anyone explain how this works? I’m scared I might not be able to keep up with these payments.
Has anyone else dealt with something like this? Any advice on what I should do next? I’m feeling pretty lost and could use some help figuring this out.
hey dancingbutterfly, sorry bout ur mortgage headaches. my suggestion: speak with a mortgage advisor to get clarity on escrow and bank policy. sometimes they can help u rework things. hang in there!
I’ve been through a similar situation with my mortgage. Escrow shortages can be tricky. Have you requested a detailed escrow analysis from your lender? This should break down exactly where the increase is coming from. Sometimes there’s a miscalculation or outdated information they’re working with.
If everything checks out, you might consider refinancing to potentially lower your rate and reset your escrow. Alternatively, you could look into paying the shortage as a lump sum if possible, which could bring your monthly payment back down.
Don’t hesitate to escalate this issue to a supervisor at your bank if you’re not getting satisfactory answers. Persistence often pays off in these situations.
Have you considered asking for a detailed breakdown of the escrow shortage? Sometimes banks make mistakes. Also, maybe check if there are any local housing assistance programs that could help? It’s a tough situation, but don’t lose hope! What other options have you explored so far?