Escrow Account Alerts

Are you prepared for any potential changes to your mortgage payments?  

With the rising costs of property taxes and homeowners insurance, there is a chance that your mortgage company may not be collecting enough money into your escrow account to fully pay your annual taxes and insurance. If there is a deficit, your mortgage lender will either send you a bill that is due upon receipt or they will offer to increase your monthly payment until your escrow account is able to catch up. The best way to try and avoid the shock of an unexpected bill, because of those rising costs is to make sure you are contacting your mortgage lender with your annual homeowners premium and tax information. These documents do get sent to your lender, but escrow accounts are not always adjusted in a timely manner. We highly recommend our clients call their lenders once they receive their annual homeowners premiums and tax statements and confirm they are withholding the appropriate amounts. If they are collecting too little you can have them adjust your monthly payment to ensure you will not get a surprise bill. 

 

Times are tough for many and we want to try and help you to avoid receiving any surprise bills. Insurance and property taxes are increasing throughout the country and mortgage companies are finding themselves overwhelmed with trying to adjust so many accounts. If you are proactive it may be easier to budget these necessary changes and avoid a financial pitfall. 

 

If you have any questions, we are here to help! 

The Mitchell Insurance Group
720-807-9212