Shortages occur when the escrow account balance falls below the required minimum balance. The required balance for the escrow account is equal to two (2) months of the intended escrow payments. It is designed to help protect you from paying any unexpected tax and/or insurance premiums that can increase.
However, if your taxes and/or insurance costs were lower than expected, your escrow account may have a surplus. If you have a surplus, you will be issued a check equal to the surplus amount.
Learn more about the account used to pay property taxes and insurance on your behalf in this article.