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Escrow refund check question?

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eveleye1 Joined: 17 Jan 2010 Posts: 2 2.01 Dollars($)	Posted: Sun Jan 17, 2010 9:51 pm    Post subject: Escrow refund check question? Like 0 Dislike 0 We recently got an escrow refund check for $1277. With the bank claiming there is an overage. But now theres not going to be enough to pay taxes and insurance next year without causing our escrow payment to go up. I would simply like to know what will happen to the money if i just don't cash the check. I have e-mailed the bank (Bank of America-useless) many times asking them to just void the check and put the money back into our escrow account. Yes i know i could just cash it (i do not want to do this)and send the money back with the payment. I would just like to know what would happen to the money if i don't cash it. It says "VOID AFTER 180 DAYS". Would the money simply go back into our escrow account after 180 days as it should because its our money. Or would the bank just keep it claiming it was never cashed so its ours (the banks).thanks for the time...
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Jan 17, 2010 10:49 pm    Post subject: Like 0 Dislike 0 Hi eveleye, If you do not cash in the check now, it will be considered as void and you won't be able to get the refund. You'll have to ask the bank for a new refund check. I don't think it will get deposited in your escrow account. I would suggest you to cash in the check now. You can then pay the escrow payment by using this money. _________________ Procrastination is the enemy of your financial success
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Jan 18, 2010 9:34 am    Post subject: Escrow Check Like 0 Dislike 0 Cash the check and avoid all future problems that you will be causing if you do not cash the check. B of A , or, any other lender for that matter, must abide by federal escrow account regulations. They must annually perform the required calculation, and, if any overage, refund it to you. They are not permitted to keep "extra" in the count just becasue you want to do so. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jan 19, 2010 9:07 am    Post subject: Like 0 Dislike 0 eveleye, if you simply deposit this check into an account that you won't be using, you'll have those funds available at the point when your escrow account falls short, which is what you fear. at that point you can make up whatever shortage there is by simply using the funds. as noted above, though...you must deposit/cash this check. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
WP Themes Guest	Posted: Sun Jan 31, 2010 8:26 am    Post subject: Manumitted Wp Themes Like 0 Dislike 0 Good brief and this post helped me alot in my college assignement. Gratefulness you on your information.
bluebird Guest	Posted: Mon Feb 01, 2010 2:38 pm    Post subject: escrow refund Like 0 Dislike 0 do I have to claim an escrow refund on my income tax?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Feb 01, 2010 3:18 pm    Post subject: Like 0 Dislike 0 no...that's money you paid into the account for the payment of your taxes and/or insurance. the refund merely reflects an overpayment. it's your own money, and not income. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
cq8822moto Guest	Posted: Mon Dec 19, 2011 9:57 am    Post subject: Escrow refund check Like 0 Dislike 0 IF I cash this check and KEEP the money for Christmas, won't the mortgage company recalculate the payments to include ENOUGH for insurance and taxes this year?
jameshogg Joined: 20 Dec 2005 Posts: 10467 Location: Nevada 988.72 Dollars($)	Posted: Mon Dec 19, 2011 10:19 pm    Post subject: Like 0 Dislike 0 Hi cq8822moto, You can cash in your escrow refund check for Christmas celebrations. Whether or not you cash in the check, the lender will recalculate the escrow payments once again. Thanks
Kalvin Guest	Posted: Mon Mar 19, 2012 6:25 pm    Post subject: Escrow Check never cashed / deposited due to moving Like 0 Dislike 0 Hello, I was wondering if anyone can help me with this sort of problem... I had a house that I sold back in 2004, at that time, the bank send the reimburstment check from my escrow account after the loan had been paid in full; now, what happened was that I put that check with old files that i had in my office and it was never cashed or deposited, I just found it anas you now , it has more than 180 days... question: what can I do to recup. that money.? Thanks for your help...
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Mar 20, 2012 1:34 am    Post subject: Like 0 Dislike 0 Hi Kalvin! Welcome to forums! Your query has been replied to in the given page: http://www.mortgagefit.com/problems/reimbursement-check.html Take a look at it. I hope it will help you. Feel free to ask if you've further queries. Sussane

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