Escrow Bomb ticking in S. Florida
You’d be smart to keep a close eye on that escrow account attached to your mortgage. There’s a good chance many Florida property owners won’t have enough money squirreled away this year.
Escrow is money held for future obligations. Every month most homeowners pay principal and interest due on their mortgage plus an additional amount that is put into escrow. When annual property tax bills come due at year’s end and when homeowners insurance premiums need to be paid, your mortgage lender uses escrowed funds to pay the bills.