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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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escrow surplus check
just got on in the mail..ill prob email my atty tomorrow anyway, but i usually get quicker answers here lol.
is this normal? how is it that i have a surplus already if i just got my mortgage in october?
what do i do?
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Posted 7/5/12 10:39 PM  |
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Prudential Douglas Elliman Real Estate
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: escrow surplus check
we have gotten a few over the years.
I think we too got one our first year, and we got one the year after we grieved our taxes because the adjusted tax bill came AFTER our mortgage was adjusted for the year. So it was based on our pre-grieved taxes.
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| Posted 7/5/12 10:44 PM |
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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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Re: escrow surplus check
see, i never even grieved my taxes this year..
im always afraid when i get money sent to me that it's a mistake and that they'll want it back 
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| Posted 7/5/12 10:46 PM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: escrow surplus check
they just over estimated how much they should take at closing.... this is very common. Usually the banks try and escrow your first year of taxes. When they review your escrow account once they have started making payments for your taxes they re-analyze how much they need and how much they should take from you each month. Escrow accounts are generally reviewed annually. Sometimes you can end up with a deficit and have to pay a lump sum or spread it over the next years payments.
We have had both happen to us.
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| Posted 7/6/12 9:16 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: escrow surplus check
We just got an escrow surplus check and we closed at the end of Feb. I didn't question it, just cashed it 
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| Posted 7/6/12 9:56 AM |
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whoababy1
Love my little girls <3
Member since 8/10 1418 total posts
Name:
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escrow surplus check
We got the same thing the first year that we closed on the house. They WILL want it back next year when they balance out your acct. again. We ended up putting it into it's own acct. and not touching it. Sure enough when the adjustment letter came they asked for almost that exact amount (plus a little more) back.
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| Posted 7/6/12 10:10 AM |
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AScottWolf
I <3 our squish!
Member since 11/10 2237 total posts
Name:
Adriana
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escrow surplus check
We received $ back as well saying that the other attorney or title person payed for something out of another account. I don't know. I'm just going to use it to make an extra payment towards the principle.
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| Posted 7/6/12 10:49 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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escrow surplus check
You can cash it, just be advised that your eskrow can be short the following year. We have gotten it 3x in 4 years and send it back.
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| Posted 7/6/12 10:59 AM |
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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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Re: escrow surplus check
thanks all 
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| Posted 7/6/12 11:08 AM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: escrow surplus check
Posted by caps612
they just over estimated how much they should take at closing.... this is very common. Usually the banks try and escrow your first year of taxes. When they review your escrow account once they have started making payments for your taxes they re-analyze how much they need and how much they should take from you each month. Escrow accounts are generally reviewed annually. Sometimes you can end up with a deficit and have to pay a lump sum or spread it over the next years payments.
We have had both happen to us.
This.
They probably took say 6m worth of taxes from you at closing. But as you said you moved in October so they didnt need that much as the previous owners would have been responsible for Jan-Sept pmts. So you were only responsible for 3m but they took 6. I know with our bank in April they readjust our mortgage pmt. We have had years where we fall short and htey send us a letter that our pmt is going up (we have never had to make a lump sum pmt they just up our monthlys to compensate as the short fall has never been too much) and we have had years (the first year we were in our house we moved in Late Nov and also wound up with a check back) and this year (with the successful grieving) there is a state law saying that your escrow acct can't be more than X amount or % I dont remember the exact info.
Did the bank send you a letter? We always get a letter from the bank first explaining our escrow acct and it comes with a sheet detailing the credits & debits to the account over the year. We have cashed 2-4 escrow checks over the years and never had any issues.
GL!
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| Posted 7/6/12 12:13 PM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: escrow surplus check
We get them sometimes and then other times of the year we owe, so I wouldn't get too excited about it from past experience!
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| Posted 7/6/12 1:28 PM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
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Re: escrow surplus check
We usually send them right back since you will wind up being short the next year. Very stupid process!
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| Posted 7/6/12 1:56 PM |
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