Posted on: 19th Apr, 2009 03:52 pm
This year, for example, I paid in over 3,000 dollars in escrow for taxes and insurance. there is still 1,000 in the account after all has been paid. Can I get that back? They continue to take out monthly amounts that are the same as last year, although my taxes have went down. I don't understand this.
Hi cblair,
The excess amount in your escrow account will get adjusted when the taxes increase in future. It is good to have some extra money in the escrow so that when taxes increase you do not have to pay too much of extra money. But if you want to get the excess escrow money back, you can contact your lender and ask them to refund the unused money.
The excess amount in your escrow account will get adjusted when the taxes increase in future. It is good to have some extra money in the escrow so that when taxes increase you do not have to pay too much of extra money. But if you want to get the excess escrow money back, you can contact your lender and ask them to refund the unused money.
Check with your lender. You can not have an overage in your escrow account. Call the escrow dept and ask them