Posted on: 02nd Nov, 2008 05:16 am
We just got a $1000 escrow refund check. 2008 is our first full calendar year in the house.
That's all great...but...our escrow payment is going up $20 a month. That, too is understandable.
My question is, how do both happen? What math is done to determine I'm getting a $1000 refund, then turn around and charge me more per month?
That's all great...but...our escrow payment is going up $20 a month. That, too is understandable.
My question is, how do both happen? What math is done to determine I'm getting a $1000 refund, then turn around and charge me more per month?
You probably had too much in your escrow account and your lender realized that after they paid your property taxes. So instead of keeping your money and then sometime down the road, years and years, raise your payment by $20, they just are refunding you whatever they currently done need... and then are charging you $20/mo more because your property taxes might've been reassessed higher after you purchased.
What I paid in property taxes last year is the same as this year (based on municipal records for the upcoming year). Home insurance is the same, too.
I guess I'll have to give them a call tomorrow and find out what's up.
I guess I'll have to give them a call tomorrow and find out what's up.
Hi underscore!
Welcome to the forums!
Yes, I think that will be great move. The lender will be able to explain why he is charging you $20 more after refunding $1000. Do let the forum members know what your lender said.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
Yes, I think that will be great move. The lender will be able to explain why he is charging you $20 more after refunding $1000. Do let the forum members know what your lender said.
Feel free to ask if you have further queries.
Sussane
How long should I wait for escrow refund check after paying off mortgage? I paid off my mortgage 03/30/09.
Hi
The federal regulations need the lenders to refund the money held in the escrow account within a month or two after the loan has been paid in full. If you have not received the escrow refund check from the lender within this time, you have the option of filing a complaint with the Dept. of Housing and Urban Development.
The federal regulations need the lenders to refund the money held in the escrow account within a month or two after the loan has been paid in full. If you have not received the escrow refund check from the lender within this time, you have the option of filing a complaint with the Dept. of Housing and Urban Development.
I found and old escrow refund check in the amount of $ 16,000.00 payable to me and it was dated way back april16,2006 . my question is can i still claime that money or can they replaced it with a current check dated 2010 ?
Your query has been answered in the given page:
http://www.mortgagefit.com/know-how/about32755.html#142426
Have a look at it. I hope it'll help you.
http://www.mortgagefit.com/know-how/about32755.html#142426
Have a look at it. I hope it'll help you.
A quick call to your lenedr will give you all the answers. Let us know what they tell you?
Laurie Reiss
Financial Mortgage Advisor
[Email address and contact details deleted as per forum rules]
Laurie Reiss
Financial Mortgage Advisor
[Email address and contact details deleted as per forum rules]
After paying off mortgage recieved refund, do I claim this as income on taxes
Hi Patricia,
The taxes and insurance payments that you make to your lender is tax deductible. Thus, if there is an escrow overage and you get a refund, you will have to report this as income on your taxes.
The taxes and insurance payments that you make to your lender is tax deductible. Thus, if there is an escrow overage and you get a refund, you will have to report this as income on your taxes.
I received 8,000 escrow in 2008 and did not think it would be taxable income. IRS now revising my taxes and charging me fo that additional income. What to Do?
Escrow refund is your income and thus the IRS is charging taxes for it. You will have to pay off the taxes to the IRS for the money received.
were almost on a closing date on june29, 2010. the mortgage company is asking us to bring a cashiers check payable to them. do i have to pay that escrow before closing coz the seller of the house, a brand new hoome told us that we dont have to pay for the closing cost and they will take care of it, only that we have to pay the 3.5% as downpayment which we did. now. the question is , do i have to pay for the escrow, im confused coz even my home insurance , the seller told us that they will take care of it. i have the exact monthly payment for the loan which will start on august 2010 included in the payments are home insurance , property taxes, hoa cost. please help. need to know the facts. tnx
principal and interest and so on. now, why do i have to pay for the escrow since i already make a downpayment and the seller will take care of the closing
principal and interest and so on. now, why do i have to pay for the escrow since i already make a downpayment and the seller will take care of the closing
Hi emerson,
The escrow account will hold your future home insurance premiums, your property taxes, etc. In that case, though the seller will be paying the closing costs, you will have to pay the escrow dues.
The escrow account will hold your future home insurance premiums, your property taxes, etc. In that case, though the seller will be paying the closing costs, you will have to pay the escrow dues.
tnx adonis..based on my message above..the figures for the loan is $160,000 and our monthly that we will pay is around $1,200 including property taxes,home insurance, hoa and the principal and interest. mentioned above that we already paid a downpayment of 3.5% w/c is around $7,500 now, the closing cost the seller gave is around $8,000 w/c the seller will pay as part of the closing cost we agreed and we will as they say shoulder another part of the closing cost. question is how much are we going to pay as part of the closing cost as what the title company is asking for us for the escrow.?. any idea or figures how much based on this figures. please help coz i want to prepare for that money they will ask for us to pay.