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Has your mortgage payment increased because of a shortage in your tax escrow account?
One of the problems that others have had when they have built a new home is that in some instances, they experience a huge increase in their monthly payments because of a substantial increase in property taxes versus the lower taxes assessed when the monthly payment was figured at the time of closing.
It's not an uncommon situation for a new home because even though you may have received an assessment notice in the mail, it does not give you the dollar amount of your property taxes.
Usually, your property tax bill is sent directly to your mortgage company for payment and you are not even notified until you get the dreaded "Escrow Shortage" letter!
What that means is that not only do you have to pay back the escrow funds "advanced" by the mortgage company, but your payment takes another jump so you have enough money to pay next year's taxes.
If this has happened to you ... I may be able to help you!
In most instances, the dollar amount that is short in the escrow account is substantial and puts a burden on you because of the huge increase in your payment.
What I have done for others is to provide a review of the escrow situation and determine if it's in their best interest to refinance their mortgage, reduce their monthly payment to manageable levels and maybe even get some cash to do those little things that always need to be done to a new home.
I don't know if you are experiencing the same problem - but if you would like a second opinion, please me (Joe Kahwaty) a call at (732) 239-1123 and I'll provide you with a quick review of how we could reduce your payments and maybe get a little extra cash for you too.
If you have not experienced an increase yet, you probably will. I suggest that you check with your mortgage company and find out if they have received a tax bill yet. If not, check with your Assessor's Office.
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