Posted on: 09th Jan, 2010 08:51 pm
I am in the process of home modification; for the meantime, the lender has offered me forebearance agreement beginning jan 15-10 to march 2010 while the home modification is being processed. I received my escow statement stating I'll have a surplus of some 4T, when I inquired when I'll get the check, the lender stated they redeposited it back to my account because my account is on the deliquent status.
My question is: Can I get that surplus money because my loan is in the process for modification and I have agreed for forebearance.
My question is: Can I get that surplus money because my loan is in the process for modification and I have agreed for forebearance.
Hi lanpacs,
You can apply to get the escrow overage but it will be your lender's discretion whether or not he would give it to you. This is because your mortgage is in delinquent status. Moreover, if the amount is applied towards your loan, it will help you in paying off the loan.
You can apply to get the escrow overage but it will be your lender's discretion whether or not he would give it to you. This is because your mortgage is in delinquent status. Moreover, if the amount is applied towards your loan, it will help you in paying off the loan.