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 underscore05
Joined: 02 Nov 2008
Posts: 2
1.97 Dollars($)
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 Posted: Sun Nov 02, 2008 6:16 am Post subject: Escrow refund question |
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We just got a $1000 escrow refund check. 2008 is our first full calendar year in the house.
That's all great...but...our escrow payment is going up $20 a month. That, too is understandable.
My question is, how do both happen? What math is done to determine I'm getting a $1000 refund, then turn around and charge me more per month? |
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shane
Joined: 03 Dec 2007
Posts: 121
Location: Orange County, CA
30.01 Dollars($)
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| Posted: Sun Nov 02, 2008 5:20 pm Post subject: |
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You probably had too much in your escrow account and your lender realized that after they paid your property taxes. So instead of keeping your money and then sometime down the road, years and years, raise your payment by $20, they just are refunding you whatever they currently done need... and then are charging you $20/mo more because your property taxes might've been reassessed higher after you purchased.
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TheBestHomeLoans.com
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Direct: 949-273-4161
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underscore05
Joined: 02 Nov 2008
Posts: 2
1.97 Dollars($)
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| Posted: Sun Nov 02, 2008 5:27 pm Post subject: |
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What I paid in property taxes last year is the same as this year (based on municipal records for the upcoming year). Home insurance is the same, too.
I guess I'll have to give them a call tomorrow and find out what's up. |
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Sun Nov 02, 2008 7:54 pm Post subject: |
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Hi underscore!
Welcome to the forums!
Yes, I think that will be great move. The lender will be able to explain why he is charging you $20 more after refunding $1000. Do let the forum members know what your lender said.
Feel free to ask if you have further queries.
Sussane |
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BP
Guest
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| Posted: Mon May 04, 2009 9:28 am Post subject: mortgage escrow refund |
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| How long should I wait for escrow refund check after paying off mortgage? I paid off my mortgage 03/30/09. |
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savior70
Joined: 25 Mar 2009
Posts: 1776
Location: Florida
237.75 Dollars($)
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| Posted: Wed May 06, 2009 4:51 am Post subject: |
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Hi
The federal regulations need the lenders to refund the money held in the escrow account within a month or two after the loan has been paid in full. If you have not received the escrow refund check from the lender within this time, you have the option of filing a complaint with the Dept. of Housing and Urban Development. |
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rudolph
Guest
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| Posted: Tue Jan 05, 2010 12:14 am Post subject: escrow refund |
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| I found and old escrow refund check in the amount of $ 16,000.00 payable to me and it was dated way back april16,2006 . my question is can i still claime that money or can they replaced it with a current check dated 2010 ? |
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Niicss
Joined: 03 Oct 2005
Posts: 3227
Location: New Jersey
509.11 Dollars($)
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Lreiss
Guest
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| Posted: Tue Jan 05, 2010 5:35 pm Post subject: Escrow refund |
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A quick call to your lenedr will give you all the answers. Let us know what they tell you?
Laurie Reiss
Financial Mortgage Advisor
[Email address and contact details deleted as per forum rules]
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