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Ok...so what happens to the Home Owners Insurance that you escrow?

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Dani00518
Gorgeous

Member since 5/05

2730 total posts

Name:
Danielle

Ok...so what happens to the Home Owners Insurance that you escrow?

You have to pay a year upfront but then each month money is added to your bill for H.O insurance? So technically they have an extra years H.O insurance. Do you ever get it back or do they just keep holding on to it?

Posted 1/17/09 4:58 PM
 
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CookiePuss
Cake from Outer Space!

Member since 5/05

13982 total posts

Name:

Re: Ok...so what happens to the Home Owners Insurance that you escrow?

I think you always have to pay a year ahead so each month you are adding to the premium for next year.

Posted 1/17/09 6:27 PM
 

rkoenke
my little piggys

Member since 3/08

4315 total posts

Name:
rachel

Re: Ok...so what happens to the Home Owners Insurance that you escrow?

Posted by shamrock124

I think you always have to pay a year ahead so each month you are adding to the premium for next year.




This is correct. The bank does an annual review of your account and they will return any overage. At least this happened to me ... once.

Posted 1/18/09 6:05 AM
 
 

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