We received an escrow statement in the mail over the weekend. It's the second time in less than 6 months that Wells Fargo has sent us a statement indicating an escrow shortage. The first time, it was for $200. This time, over $600. We've been talking about taking over the hazard insurance and tax payments ourselves, but the most recent statement clinched the decision.
One of the things I noticed on the statement was the estimate for the 2009 Hazard insurance payment, the bank used the amount we paid in 2007 which was less than what we paid in 2008, so they are setting us up for another shortage.
Between my husband and I, we have an accounting degree, a finance degree, and 2 masters degrees. If we set the money aside with each paycheck, I think we can do as well or better than Wells Fargo in managing our escrow account.
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