so i recieved a notice that i'm short on my escrow amount for the yr. they gave me 2 options to pay the shortage up front or to pay it monthly. what i don't get is how the number don't seem to match up. i owe $269 but if i pay monthly $5.12 difference then i'm paying now this only totals $61.44. now if i pay the fee upfront then the new monthly payment is $992.04 which to me looks nice but i pay $205 which doesn't come close to paying the $269 which is my shortage. basicly since my math sucks and i don't understand what i read can someone please explain to me what this means and which option would benefit me. it might seem obvious to other but please don't bash.
Answer by SAHMinIL2 at 8:32 PM on Jun. 18, 2010
Answer by louise2 at 8:28 PM on Jun. 18, 2010
Answer by SAHMinIL2 at 8:33 PM on Jun. 18, 2010
Answer by mamaofficer at 8:36 PM on Jun. 18, 2010
Answer by SAHMinIL2 at 8:44 PM on Jun. 18, 2010
Answer by SAHMinIL2 at 8:55 PM on Jun. 18, 2010
Answer by melody77 at 10:56 PM on Jun. 18, 2010
Answer by SAHMinIL2 at 10:26 AM on Jun. 19, 2010
IF you have the money to pay up front, pay up front. Our escrow was short 3 years back when we first ever purchased a home, and our mortgage would have gone from $1200/month to $1900/month. We were $2500 short, TY CITIBANK!!!! I was so thankful my dad let me borrow the cash to pay up front, for we would have never afforded that mortgage.
Answer by Anonymous at 6:23 PM on Jun. 19, 2010