{"id":74487,"date":"2022-11-17T09:49:06","date_gmt":"2022-11-17T09:49:06","guid":{"rendered":"https:\/\/businessyield.com\/?p=74487"},"modified":"2022-11-17T09:49:09","modified_gmt":"2022-11-17T09:49:09","slug":"what-is-shortage-definition","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-personal-finance\/what-is-shortage-definition\/","title":{"rendered":"WHAT IS ESCROW SHORTAGE? Causes & How To Avoid It","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

When you have a mortgage, your escrow account allows you to pay your property taxes and insurance in more manageable monthly increments rather than having to cover these costs all at once each year.
When that account does not have enough funds to cover these costs, this is referred to as an escrow shortage. What causes this to happen, can you avoid it, and should you pay escrow shortage in full? Let us take a look at this article.<\/p>

What is an Escrow Account?<\/h2>

An escrow account is designed to help you divide the cost of various home-related expenses into manageable monthly payments. An escrow account will typically include a number of items. Some items in an escrow account may be more familiar to you than others:<\/p>