Legal Question in Credit and Debt Law in Florida

Re: Real estate problem

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When you executed your mortgage closing package, it was explained that the escrow analysis was only an estimate and you agreed that it might have to be adjusted based on the actual amounts of taxes and insurance. Unfortunately, taxes are assessed each year towards the end of the year and the lenders can only use the prior year's tax amounts as an estimate. Insurance premiums can also increase and are not subject to any control by the lender.

I am sorry to inform you that you are liable for the increase and there is no recourse against the lender.

Scott R. Jay, Esq.