Why did I get a refund last year, but obtain a shortage this year?

Your taxes or insurance may have increased beyond what was projected last year.

Every year we project next year’s tax and insurance bills from the amounts paid in the current year. We can’t always predict if the town will increase taxes or if your insurance expenses will increase due to a claim on your policy. As a result, when the bills come in, we may not have collected enough money in your escrow account to cover the increase. This results in a shortage regardless of a refund the year before.

If your escrow account has not been analyzed in the last 12 months, you may have been paying too little for your tax and insurance amounts for some time. For more information and directions on how to read your statements, please see the top of the page for specifics on your McCue Mortgage Escrow Statements.

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