escrow refund law for Texas

manuela_w2001 · Joined: 19 Aug 2008 Posts: 1 1.40 Dollars($)

I have an extensive amount of overage in my escrow account and was informed by my lender that I will receive a check within 14 to 21 working days. This was on May 2, 2008. I have called the lender twice, never received the overage check, and got nothing but lame excuses prolonging the wait.
Before I speak to a supervisor at my lenders escrow department I’d like to be knowledgably about the escrow refund law in Texas.
Where can I find information about escrow refund ( i.e. how long can a lender hold the overage, how much of the escrow overage can a lender hold before they have to pay it out).
Any information, advice or web links would be greatly appreciated.
Thanks

adonis · Posted: Tue Aug 19, 2008 11:02 pm Post subject:

Welcome Manuela,

As per Federal regulations, lenders should return escrow surplus funds within a month or 2 of your final payment on the loan. This goes for all states including Texas. However, unlike other states, in Texas, the lender need not pay interest on the amount in the escrow account.

I suppose you contact the escrow department and then if you still don't get your funds, you may file a complaint with the HUD.

Guest 0.10 Dollars($)

can I get out of my escrow account and pay my own taxes and insurance in texas

jerry · Posted: Mon Nov 17, 2008 4:18 am Post subject:

Hi dagama!

You can definitely pay the taxes and insurance on your own but for that you will have to take the permission of the lender. You will have to consult him and if he agrees then only you can pay it on your own.

Thanks,

Jerry

All times are GMT - 7 Hours

Page 1 of 1