Escrow account deposit increased by 60 dollars this year?
I just received a letter from my mortgage company for my investment property in Arizona stating that my escrow needs to be increased and I am in a shortage. There is also a new charge for hazard insurance which I was unaware of. My escrow account is now going from $47.91 to $73.68 and also adding an escrow shortage amount each month of $32.19. Am I missing something here? I do not understand how any of this was not adding in in the initial monthly payment setup when I purchased the property last year. Please let me know what you think because I am very confused.