Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

Escrow refund check question?

Author Message
Icon Mini Profile eveleye1





Joined: 17 Jan 2010

Posts: 2

2.01 Dollars($)
Post 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...
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post 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
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
Post 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
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
Post 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







Post 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







Post 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?
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
Post 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







Post 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?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10467
Location: Nevada
988.72 Dollars($)
Post 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







Post 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...
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
985.83 Dollars($)
Post 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
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.118 seconds.