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kwk · Joined: 30 Jul 2010 Posts: 1 1.21 Dollars($)

Darlene's rental property insurance showing a replacement value of $180,000.00 when the value of the property is only $60,000.00 is very questionable.

I am interested to know if the first year's premium was the cause of the shortage...if so, I think it is unlawful because escrow accounts are for paying projected future Escrow Items.

Usually, the mortgage has a special provision for protective advances and the terms for repayment of the "additional debt" that results. Those repayment terms do not include charging the amounts to an escrow account.

Guest

I received my shortage increase of 680.00 and had a question about sending more then that amount say about 800.00. Would that bring my mortgage payment down with the added amount in escrow?

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I got hit with the same escrow shortage scam. In my opinion this is nothing more then a scam for banks to have more assets in there banks.

Guest

Beverly, it's better to pay the exact amount rather than paying anything extra. There is no guarantee that you mortgage payments will come down if you pay extra.

rachard1583 · Joined: 18 Oct 2010 Posts: 18 4.15 Dollars($)

Most times an individual has little or no property they will have to turn over so this chapter is the most desirable and common.

[Url Deleted as per forum rules. Thanks]

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I dont totally agree with Mark J. It is always good to make a extra payment in your loan. this would save you a lot of money in interest. Just always make sure that you inform your mortgage company, that the extra money would go towards your principal balance and not on your escrow account/payment.

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Escrow Shortage Spread issues.

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