Posted on: 30th Jan, 2011 05:58 pm
i remortgaged my home late november of last year. my previous lender issued a refund on my escrow. i just received a letter from my current lender saying that my escrow was short and my payment would have to increase $278 dollars a month for the next 12 months. my taxes did not change nor did my insurance. also, $472 was the amount i contributed to my escrow prior to the refinance. any ideas?
thanks
thanks
Hi Briguy,
After the end of a year, the lender will have to issue a escrow refund if there is an excess amount in your escrow funds. You should ask your new lender to clarify how there was a shortage of monies in your account. He will explain it to you and clarify the matter.
Thanks
After the end of a year, the lender will have to issue a escrow refund if there is an excess amount in your escrow funds. You should ask your new lender to clarify how there was a shortage of monies in your account. He will explain it to you and clarify the matter.
Thanks