Escrow shortage

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Escrow shortage

After being in this home I would say 20
years all of a sudden our house payment
has gone from 525 to almost 800 they
said there is an escrow shortage due to
our homeowners insurance how is this
possible have you ever heard of this
before? I have spent too many people
and no one has had this happen to them
and I think I’m getting the big screw

Asked on March 5, 2017 under Real Estate Law, Tennessee

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

iF there was an escrow shortage, they can seek additional funds to mkae up for it. It should be easy to determine: have them send you the information they used (e.g. records of payments into and disbursements from escrow) and review it yourself: you should be able to verify if there was an shortfall and also how much additonal money will be required to get it back on track. If they can't prove this to your satisfaction, or refuse to send you the information, then they may be cheating you; you could file a lawsuit against to seek compensation and/or to force them to reduce the charge to an appropriaate level.


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