Reported 1 day ago
Escrow account shortages have become a common issue for homeowners in the U.S., resulting in unexpected increases in monthly payments due to rising taxes and insurance costs. Many homeowners are unaware that an escrow shortage can lead to higher bills, often over $100 more each month. This situation is exacerbated by rapidly increasing property values and insurance premiums, pushing some homeowners to financial distress. New construction buyers may particularly face challenges as tax assessments often lag behind actual home value increases. Homeowners are advised to stay informed about their escrow accounts and potential increases to avoid financial surprises.
Source: YAHOO