Legal Question in Real Estate Law in Florida

Re: Payment Increased

The loan documents will determine whether escrow payments may be adjusted to compensate for fluctuations in real property taxes and homeowner's insurance premiums. More likely than not, your lender does have a right to do this, but keep in mind that such action may actually benefit you if you have money problems. This is so because if you were not forced to pay 1/12 of the real property taxes and insurance premiums into an escrow account on a monthly basis, at the end of the year when taxes and insurance payments become due, you might find yourself in a position where you would not have the money, which would ultimately force you out of your home by way of a foreclosure. Your problem may be a blessing in disguise. Think about it and consult with a real estate lawyer in person if you feel you must.

Re: Payment Increased

Probably this is related to an increase in your underlying tax bill, which bill you are paying through your escrow. While I dont have all the facts, I would suggest you find a way to pay the increase. otherwise, they may begin foreclosure procedures.