anyone ever get a check from the mtg. co for escrow overage?

is this a cruel joke where I am going to have a shortage soon and will need to pay it back? I just got a check for $1300 today?!?!?!?!?!

Re: anyone ever get a check from the mtg. co for escrow overage?

yup and then you'll get a bill toward the end of the year for a shortage! Ive had that happen twice in the 5 years we have been homeowners

Re: anyone ever get a check from the mtg. co for escrow overage?

that happened to us, and then we had a shortage at the end of the year. Good thing I just left the $ in savings.

Re: anyone ever get a check from the mtg. co for escrow overage?

Yes we did last year and we're petrified we'll have a shortage this year!

Re: anyone ever get a check from the mtg. co for escrow overage?

This keeps happening to us - I never spend it b/c I know it's not my $$. It's so annoying. I tuck it in savings until I get the next bill.

Re: anyone ever get a check from the mtg. co for escrow overage?

Can someone explain this please?

Re: anyone ever get a check from the mtg. co for escrow overage?

I'd like to understand it too they billed me for a $800.00 shortage in September then 3 weeks ago I get a $1200.00 check for escrow overage

Re: anyone ever get a check from the mtg. co for escrow overage?

Yes, it's too good to be true. Trust me! I got a check for like 5K, AND they lowered our mortgage by 300 dollars a month. A few months later, we got a letter saying we had an escrow shortage and they were raising our mortgage 500 bucks a month.

Re: anyone ever get a check from the mtg. co for escrow overage?

unless your property taxes went down or your homeowners insurance went down its not possible that its right. They use all kinds of crazy calculations to determine how much should be in there so its hard to figure out.
We got a big overage check the first year & it was wrong and not only did we need to give it back but our payment went up.
Last year we greived our taxes again and changed insurance companies so we got a smaller refund check and it was correct.
My advice is, do not spend it.

Re: anyone ever get a check from the mtg. co for escrow overage?

We've gotten an escrow refund check at which time they also adjust our payment if the taxes have changed. Our property taxes are not paid from Jan-Dec, I believe it's through Nov so the timing is off. If the underestimate my taxes, my payment is increased for the next year. They have never asked me for a check to make up the difference.

Re: anyone ever get a check from the mtg. co for escrow overage?

We got an overage check this year too. And they lowered our mortgage payment. I checked with a friend of ours who is a mortgage broker and asked him about it. He told me not to spend it becuase they will probably just take it back later. However, I told him that we weren't going to send the lesser amount for the mortgage because we could afford the higher amount. He told me that if we were doing that then they probably won't ask for the money back then becuase it will all even out.