Posted on: 17th Jan, 2010 08:51 pm
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...
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.
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.
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.
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.
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.
as noted above, though...you must deposit/cash this check.
Good brief and this post helped me alot in my college assignement. Gratefulness you on your information.
do I have to claim an escrow refund on my income tax?
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.
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?
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
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
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...
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...
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
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