Posted on: 06th Jul, 2010 01:38 am
Please clear the meanings of the below terms ( with an example ) by considering the US Mortgage Industry -
1. Escrow Overage
2. Suspense Amount
3. Reinstatement Amount
4. Reinstatement Amount Good Through Date
1. Escrow Overage
2. Suspense Amount
3. Reinstatement Amount
4. Reinstatement Amount Good Through Date
Hi desaisameerm,
1. Escrow Overage: An escrow overage occurs when there is an over collection of funds in your account to pay taxes and insurance. The lender will return the excess amount to you through check at the year end.
2. Suspense amount: To know about this term, check out the given page: http://www.mortgagefit.com/problems/forbearance-extraprincipal.html
3. Reinstatement Amount: It is the past due amount including all late fees and lawyer costs. If you pay this amount, it will help you in paying your past due mortgage amount right away.
4. Reinstatement Amount Good Through Date: It is the date you believe that you will have the funds required to pay off your mortgage.
Thanks,
Jerry
1. Escrow Overage: An escrow overage occurs when there is an over collection of funds in your account to pay taxes and insurance. The lender will return the excess amount to you through check at the year end.
2. Suspense amount: To know about this term, check out the given page: http://www.mortgagefit.com/problems/forbearance-extraprincipal.html
3. Reinstatement Amount: It is the past due amount including all late fees and lawyer costs. If you pay this amount, it will help you in paying your past due mortgage amount right away.
4. Reinstatement Amount Good Through Date: It is the date you believe that you will have the funds required to pay off your mortgage.
Thanks,
Jerry