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Updated over 1 year ago,
Escrow adjustment on duplex resulted in $500 profit/month to -$30/month - options?
Hi, all!
I own a duplex (purchased 2017) that I rent out both sides of (at market rates) and refinanced in 2021 for a great rate of ~3%. In 2022, my total mortgage went up by about $400/month due to escrow adjustment. I just got my most recent escrow adjustment and it went up again by another $500/month, so I've now gone from ~$900/month profit to -$30/month (not including flood insurance, maintenance, and repairs). I don't even know what my options are at this point, knowing that insurance and taxes generally go up each year, and I'm now going to be losing money each month I keep this property.
Is there something I'm missing?