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escrow shortage: Tampa Mortgage | Escrow Pitfalls with Property Taxes - 08/02/07 02:52 PM
Tampa Mortgage: Escrow Information for Tampa Consumers
"The mortgage payments on my new Tampa home increased $300 this year!"  This is a common phrase here in the Tampa Bay area.  Many buyers are currently experiencing the pain of an increasing mortgage payment because of an escrow shortage.
Why Does This Happen?
When a mortgage lender calculates your escrow payment, they base the tax escrow on the most recent tax bill.  Let me give you a hypothetical example:
123 AnyStreet, Tampa~
2006 Taxes - $3,219.00 (based on a taxable value of $150,000)
Now, for the mortgage lender to calculate what the escrow payment will be, they take … (41 comments)

 

Leah Ross ~ Tampa, Florida Mortgage

Tampa, FL

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