Posted on: 16th Jul, 2013 07:43 am
I received a letter telling me I have an overage in my ecrow account and will receive a check in 20 days I contact my mortgage company because I had not recieved anything and they informed me they had put it toward my principle because I did a loan modification less than a year ago. Can they do this.
No, an overage in escrow, due to the escrow analysis that they did, should come directly back to you, unless authorized by you to be applied to principle on the new loan. Modified or not.
Hi Tina,
I agree with what dseverson has said. Normally, the lenders will return the escrow overage through check to you. You should check out whether or not you gave them the permission to apply the excess amount to your loan principal amount.
Thanks
I agree with what dseverson has said. Normally, the lenders will return the escrow overage through check to you. You should check out whether or not you gave them the permission to apply the excess amount to your loan principal amount.
Thanks
