Hello everyone I have recently received an escrow shortage on my property. Is there anyway to deal with it? what is your experience? I already have talked to the city assessor and still haven't received anything back from him. My mortgage payment increased by almost $300. It's crazy due to all this going on right now. Thank you
@Ivan Plagniuk Hello Ivan, you received this notice from your mortgage company correct? Was this on your primary residence or on a rental? If it was due to property taxes you should have received a notice in the mail that informed you of the increased taxes beginning this year. Make sure the mailing address for your rental properties is one that you have regular access to as this is important to get updated on such matters. There may not be much you can do on the property taxes at the moment as it is based on the valuation and the period to appeal may have passed in your county, but I would reach out to see what the latest updates are and if they will postpone the payment due without interest penalty due to what is going on in the economy.
It could also be switching from homesteaded to rental if it’s been a rental less than 2-3 years. That $300/mo is $150/mo for last year when you were short, and $150/mo for this year to pay higher amount. I have definitely had property tax go up $2,000/year when I turned a persons homestead @ $3500/year, into my rental at $5500/year.