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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Escrow surplus
I got an Escrow analysis from my mortgage company today, and they're raising my monthly payment by $14. Fine. But on the bottom, it says: "At this time your Escrow Analysis account has a surplus in the amount of $XXX. Your check will be mailed on July 23, 2010."
Are they really sending me a check for hundreds of dollars? And if so, why are they charging me MORE in the upcoming months? 
I'm not complaining - I could use hundreds of extra unexpected dollars right now! This is just my fourth month of owning a home and I'm just curious if I'm reading this right.
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Posted 7/12/10 2:05 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
mrsboss
my little love
Member since 12/09 5054 total posts
Name:
Me
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Re: Escrow surplus
yes! our bank just mailed us a check for $2400. We had like $6k in our escrow and they just paid our taxes, and now sent us the check.
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| Posted 7/12/10 5:56 PM |
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computergirl
LIF Adult
Member since 5/05 3118 total posts
Name:
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Re: Escrow surplus
Yes, you really will get a check. It just means that over the past year, they collected more in escrow from you than was needed, so you're getting some of your own money back.
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| Posted 7/12/10 6:07 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: Escrow surplus
Yay! 
This was totally unexpected. Thank you!
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| Posted 7/13/10 12:39 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Escrow surplus
Most likely you will just have an Escrow shortage next year.
So I would save that money and put it somewhere that you won't touch. You will most likely need it next year.
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| Posted 7/13/10 12:53 PM |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: Escrow surplus
DO NOT USE IT!
We were told we had a shortage......I knew it was wrong. Nassau county had the wrong taxes on file from the original owner. The bank said they go off of what they have. I had 4K for 1 year never touched it....sure enough the next year bank said we were short.
be careful!
It happened again the next year but now I know it was right I called 4 times to the bank and I checked a bigillion times our taxes on file. So now all is straightened out!
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| Posted 7/13/10 1:03 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Escrow surplus
Posted by ave1024
Most likely you will just have an Escrow shortage next year.
So I would save that money and put it somewhere that you won't touch. You will most likely need it next year.
Yep! I would see if you can call them and tell them to keep it. Most times you'll need it the following year, so I wouldn't use the check either.
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| Posted 7/13/10 1:14 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Escrow surplus
Posted by dbleplay17
DO NOT USE IT!
We were told we had a shortage......I knew it was wrong. Nassau county had the wrong taxes on file from the original owner. The bank said they go off of what they have. I had 4K for 1 year never touched it....sure enough the next year bank said we were short.
be careful!
It happened again the next year but now I know it was right I called 4 times to the bank and I checked a bigillion times our taxes on file. So now all is straightened out!
Exactly. Send that money right back to them and tell them to hold onto it! If you bought your house this year you paid a full year of taxes. Taxes go UP so do yourself a favor and save yourself a heart attack next year. Send it back.
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| Posted 7/13/10 3:37 PM |
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