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Are you good with Money and Math? can you explain this to me?
Posted by: space-time
Date: October 02, 2021 09:32AM
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Re: Are you good with Money and Math? can you explain this to me?
Posted by: pdq
Date: October 02, 2021 09:35AM
huh smiley

confused smiley

nuts smiley

sneaky smiley
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Re: Are you good with Money and Math? can you explain this to me?
Posted by: Ombligo
Date: October 02, 2021 09:46AM
It means you should start setting aside extra cash for when you get a bill for their screwup



“No persons are more frequently wrong, than those who will not admit they are wrong.”
-- François de La Rochefoucauld

Growing older is mandatory. Growing up is optional.
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Re: Are you good with Money and Math? can you explain this to me?
Posted by: SDGuy
Date: October 02, 2021 10:01AM
Quote
Ombligo
It means you should start setting aside extra cash for when you get a bill for their screwup

agree smiley
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Re: Are you good with Money and Math? can you explain this to me?
Posted by: raz
Date: October 02, 2021 10:06AM
Escrow is pretty much a rip-off, and should be avoided if possible. Generally, to avoid escrow means having a large enough equity position in your property.

Most escrow accounts insist on holding the entire amount due for taxes (and mortgage insurance?) in the upcoming year before the year begins. So, if they think your property taxes are going up, they will raise the escrow payment so that as of January 1 there will be enough for the entirety of 2022 - even if taxes are due in December of 2022.

Hence, the "shortage".

Oh, and they pay no interest on the money they hold.



--------------

Embarassing myself on the Internet since 1978.
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Re: Are you good with Money and Math? can you explain this to me?
Posted by: tenders
Date: October 02, 2021 10:09AM
Very mysterious. Your escrow account is short, but your escrow payment will decrease next month. That’s worth a WTF call to them IMO.

Edit: in NY state they do pay you interest on the escrow amount. It’s a trivial amount, but they do pay it. I believe this is a legal requirement.



Edited 1 time(s). Last edit at 10/02/2021 10:10AM by tenders.
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Re: Are you good with Money and Math? can you explain this to me?
Posted by: testcase
Date: October 02, 2021 03:07PM
I'd call / visit the bank DIRECTLY to make sure you're NOT being "phished".
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Re: Are you good with Money and Math? can you explain this to me?
Posted by: space-time
Date: October 02, 2021 03:33PM
Quote
testcase
I'd call / visit the bank DIRECTLY to make sure you're NOT being "phished".

W T Fish are you talking about?

I did get email from them a few days ago, I did not click on it.
I logged in to my mortgage bank and I saw this notice.
I know how to check link for the actual URL
You should know me better thank this by now.
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Re: Are you good with Money and Math? can you explain this to me?
Posted by: TLB
Date: October 03, 2021 09:00AM
You are going to be billed in full for the underage. Billing was such that you paid more than a year's expenses-- for example, an extra insurance or tax payment hit right before the escrow year closed--so next year's projection is lower and your withholding goes down.
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