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Escrow Account Question
Posted on 6/11/10 at 2:57 pm
Posted on 6/11/10 at 2:57 pm
I've been out of town most of the past 6 months getting ready to deploy so my wife is handling all of the finances. Well, she received a notice from the county tax office stating our property taxes were 5 months past due. Without calling the mortgage holder (USAA/Mortgage Questions.com) to ask why our escrow account hadn't paid the taxes, she sent a check in for the full amount. Turns out the escrow account had just sent a payment in as well.
Our mortgage holder said they will do an "escrow analysis" once the extra payment is refunded back to them. I asked that the money either be refunded or applied towards the loan principle.
Am I gonna see this money again?
Our mortgage holder said they will do an "escrow analysis" once the extra payment is refunded back to them. I asked that the money either be refunded or applied towards the loan principle.
Am I gonna see this money again?
3
Posted on 6/11/10 at 4:20 pm to martiansgohome
Dont worry. Over paid taxes is a common thing. You will receive a check in the mail eventually.
Posted on 6/11/10 at 5:07 pm to martiansgohome
USAA is generally very good about getting you a refund and applying it to unpaid balances (car insurance, life insurance etc), or sending you a check. I generally apply it to unpaid bills just to get them out of the way. I wouldn't worry about it.
The only thing that I think will hinder you getting the money is the might only do an escrow analysis on the anniversary of your mortgage. If that's not for several months you may have to wait. WF only does an analysis on the anniversary.
The only thing that I think will hinder you getting the money is the might only do an escrow analysis on the anniversary of your mortgage. If that's not for several months you may have to wait. WF only does an analysis on the anniversary.
Posted on 6/11/10 at 6:34 pm to martiansgohome
Might also want to try paying your own taxes with your own escrow account. You'd keep the interest and would avoid the hassle of shite like this happening again. Others see that as more hassle, but I see it as more knowledge gained and a greater assurance that it'll get done right.
Though you may have locked into this arrangement at closing, it couldn't hurt to start inquiring about alternatives.
Though you may have locked into this arrangement at closing, it couldn't hurt to start inquiring about alternatives.
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