Dear Editor: Guess What? You Owe More Money!

Dear Editor,

Well, the next step in your residential property tax increase is happening. Banks are sending updated "mortgage bills" to homeowners.

Guess what? You owe more money!

Recently, a young friend reached out, concerned about his $100 monthly mortgage increase and he didn't know why. That's a lot of money - $1,200 a year.

Drumroll for the explanation.

Since the bill comes from the bank, it's the lender's fault, right? Nope. By law, a residential mortgage statement must show the escrow portion – the amount you pay for insurance and taxes for your home.

What did your lender say was the re...