I had a $925 escrow shortage due to a city tax increase and made arrangements with my bank to divide this shortage into twenty-four months instead of twelve. I have been making extra "escrow shortage only" payments whenever I can so that I can pay off this shortage by the next escrow analysis.
I make these payments at their branch and have waited as long as eight days for the check to post and even longer for it to be applied to my escrow account. Is there any way I can get the bank to apply these payments correctly and in a timely fashion? Also how can I get the bank to tell me what my current escrow shortage balance is?
The escrow shortage was already defined. Everything extra that is deposited reduces that shortage by an equal amount. However, over the last year your taxes may have changed again and that would influence the current shortage up or down. You can ask your bank to produce a short year statement for you, but if the next year's taxes are not known, it will be moot, and the bank isn't obligated to produce statements for you on an ongoing basis.
As to the delayed crediting, you have an unusual situation requiring special processing. Here, a small loan servicer or lender would make this easier, because what you need is a point of contact to whom you can direct your payments. This may just take some work and communication. I would try to send one regular payment and a second that is clearly identified for special handling. If you can direct your payment to a specific person for processing, it may flow more smoothly.
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The escrow shortage was already defined. Everything extra that is deposited reduces that shortage by an equal amount. However, over the last year your taxes may have changed again and that would influence the current shortage up or down. You can ask your bank to produce a short year statement for you, but if the next year's taxes are not known, it will be moot, and the bank isn't obligated to produce statements for you on an ongoing basis.