CENTRAL OHIO -- Don't be surprised if you soon see a note from your mortgage company saying you need to pay more.
NBC 4’s Mikaela Hunt got answers on why escrow alerts could be appearing in your mailbox.
Many of you went to the polls in 2008 and cast your vote for local levies. The results of the election are about to come back through a little fiscal reminder.
Hunt said a NBC 4 producer received a letter from her mortgage company that said her escrow account was short.
After making a few phone calls, Hunt found that taxes will be going up for some levies passed in 2008.
Mortgage companies simply are getting ready for it.
If you don't have enough money in your escrow account, your mortgage company will send you an alert.
Many companies will be analyzing the new taxes and giving you the option of paying the difference or prorating your monthly mortgage payment.
The Ohio Mortgage Bankers Association said the letters are common practice after a tax increase.
Homeowners who are not happy about the increase, given the worth of their homes, could consider a reassessment.
Go to the Franklin County auditor’s Web site at http://www.co.franklin.oh.us/Auditor/Real_Estate/index.shtml for more information.
Homeowners also can visit http://www.lowermyassessment.com.
For additional information, stay with NBC 4 and refresh nbc4i.com -- Where Accuracy Matters.
To submit a story idea or news tip, e-mail stories@nbc4i.com.
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