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Reply to "Feeling the financial pinch—not sure what else to cut"
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[quote=Anonymous][quote=Anonymous]"I just got a notice from our mortgage company that our escrow is increasing by $50/month." What does that mean?[/quote] It means her property taxes and/or insurance went up so the bank that holds her mortgage needs to collect more to be prepared to pay the increase. I own a lot of properties and this has been happening every year on all of them. OP, since you mentioned you have a condo, make sure that your homeowners policy only covers your belongings and not anything else that would be covered by the building’s master policy you pay for via your condo fee.[/quote]
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