What is an escrow shortage?
If the funds in your escrow account are projected to be below your required minimum balance at the lowest point in the 12-month period, you have a shortage. This can happen if the taxes or insurance premiums for the previous 12 months were more than expected or if they're estimated to go up in the next 12 months.
You have the option of paying the shortage in full. The shortage needs to be paid prior to the effective date of the change in the escrow payment. Send a check for the full amount of the shortage to the address below to be deposited in your escrow account:
- Community Bank
Attn: Escrow Servicing
PO Box 628
Olean, NY 14760
Make sure to include your loan number and write "escrow shortage" on the memo line. We'll send you an escrow statement after each analysis that provides details for your account.
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