Their annual property taxes rose to more than $9,500 starting July 1, from about $4,000 the prior year. That created a shortfall in their escrow account, from which taxes, insurance and other fees are paid. To accommodate that, their bank increased the monthly mortgage payment by almost $970, starting this month. After some desperate communications, the bank agreed to spread the increase over a longer span of time, and the monthly payment went up instead by about $600, to almost $3,200.



Source Google News