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NachoDog1000 OP t1_iybl1gu wrote

Reply to comment by Mysunsai in $600 Mortgage Payment Increase??? by NachoDog1000

Probably what's happening here, $600 a month just seems excessive

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NiceAsset t1_iybtasq wrote

Also, please understand the majority balance for this escrow amount is property tax + home insurance; any one of those could of increased. It’s not smoke and mirrors though, your mortgage provider should give you access to the exact calculations used to determine the estimates escrow amount. And although you might find it unlikely, it’s very possible your property taxes doubled (Mine did two years ago); up and coming cities do this to generate revenue

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DoDevilsEvenTriangle t1_iyc2926 wrote

You didn't say excessive compared to what. We don't know if you have a $1500 mortgage payment or a $5200 mortgage payment.

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NachoDog1000 OP t1_iyde0gz wrote

$3400 to $4000

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Dewm t1_iydpdwi wrote

Have any idea what your annual property tax is? The size of the payments indicate your home is valued probably around $800,000? Depending on the mil rate set by city/county/state. If you are in New York its about 2% which would be $16000/yr.

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rpowell25 t1_iyc20n0 wrote

Get a copy of your tax bill/statement. You could have increased assessments and/or new bonds that recently were voted and passed. That coupled with possible insurance increases and the escrow cushion could add up.

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thecorgimom t1_iyd1zzj wrote

By chance are you in Florida? Homeowners insurance in the state has virtually doubled overnight for many people and there's been quite a number of people who have lost coverage due to insolvency of the insurer or just non-renewal could it be that they replaced your policy without informing you?

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We_spared_no_expense t1_iycg190 wrote

Yeah, it sucks. They reassessed property taxes a year after I bought my house and the valuation went up like crazy and boom, had to increase my payments to up the escrow account.

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vartanarsen t1_iydkzpn wrote

Same with me !!! Tewksbury Mass. 1st year $30 increase a month. 2nd year $200 a month! Hope they never reassess again for the next 30 years

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scherster t1_iycttc9 wrote

Find your last escrow analysis, or log in on line and find it. Check the amounts of your homeowners insurance and property taxes, one or both has gone up enough to require that increase in your escrow.

They should be mailing that to you and it's a good idea to look at those amounts every year. My mortgages always gave me an option to pay the amount needed to keep the escrow account above its minimum, if I wanted my monthly payment to stay the same.

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quazysoto t1_iyd37d1 wrote

$600 is a lot but this happened to me as well, definitely a shock when it comes through. My payment went from ~ $1500 to $1900 in one month. Thankfully it is beginning to go back down.

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darklegion412 t1_iyd8kp8 wrote

In the beginning of my mortgage, first 2-3 years, they couldn't properly predict my property taxes (sometimes predicting $0 in a quarter) and had wild swings in escrow amount. Started with a $6000 refund year 1, then lowered the monthly amount, then went high with a $400/month increase.

Next year it should go back down a bit and settle out for the future.

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putsomeKiefonit t1_iydm0g3 wrote

Your insurance probably lapsed without renewal and they gave you a lender placed plan at a much higher premium; causing your escrow to go through the roof.

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