So I just got a letter in the mail that they miscalculated the amount of money they were putting into escrow for our mortgage payments for the last year, and to make up for it and to add more for the next year, we will need to pay an additional $1200 a month on our mortgage.
Do I need to suck it up and just pay it for the next year or are there other things I should be looking at as well?
Thanks in advance for any help.
Edit: interestingly enough, around this time last year they said I had too much in escrow and lowered my payments to what they are now (1400ish). That was only a minor decrease though.
Edit2: thanks to u/falling_grace. Since it is a new build it seems they took into account the taxes on the property without the house, which is what we paid last year and is significantly less. Because of that, there wasn't enough in escrow to cover the new amount so I need to pay that as well as the increase to give the account enough cushion for next year.
Thanks everyone for your help and good ideas!
Submitted April 06, 2018 at 07:02PM by piratecalvin https://ift.tt/2JrN69N
