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manuela_w2001 · Joined: 19 Aug 2008 Posts: 1 1.52 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

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

Guest

i paid escrow on a mobile home for years, upon the sale of the house, i was told it had all been applied to the principal and that i had no escrow. do i have any llegal recourse

Guest

My deal fell through due to financing and the abstract company returned my money to the lender. Do I have recourse against the abstract or title company. Do you know where this is in the Texas codes or federal laws ?

Guest

We are refinancing and have been told we must escrow or pay a withdrawal fee. We are paying our own taxes and insurance now with the same lender with whom we are refinancing. Has the law changed? In Texas

jameshogg · Posted: Wed Nov 09, 2011 10:26 pm Post subject:

Hi Messy,

The law hasn't changed. Most of the lenders prefer to have an escrow account for borrowers from where they can pay the taxes and the insurance. Now that you are refinancing, the lender is asking for that escrow account.

Thanks

Guest

I have had a loan for 16 years..I know have not re-fied. But paying a large amount of principal each month, and planning a move.
Question, my Mortgage Corp defaulted, Chase bought my loan.
I have always had a 0 cushion, now for their welcome letter, they sent me an envelope to send them 2 months surplus on escrow, or I can add $100.00 a month to my payment, effective in 30 days. This is extra money, escrow is balanced. My contract states "necessary funds", but law prevails, always.
If they collect More than 1/6th cushion, and the yearly 1/12 is over budgeted, what is my recourse.

Thanks

adonis · Posted: Sun Dec 18, 2011 10:45 pm Post subject:

Hi yellow rose,

If you feel that your lender is trying to collect a higher amount from you which is against your state laws, then you may be able to take legal actions against your lender. You should contact a real estate attorney and take his opinion in this matter.

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