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Bowler1215
Joined: 28 Mar 2007
Posts: 5179
Location: Illinois
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 Posted: Wed Oct 03, 2012 2:11 pm Post subject: Quick Escrow Question |
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I got my escrow statement the other day. Basically it said I have to have a minimum balance. I had more than that in it and they cut me a check for the difference. I'm not complaining about getting the check, but why didnt they just keep it all in my escrow to begin with?
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theJ
Joined: 20 Mar 2005
Posts: 15889
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| Posted: Wed Oct 03, 2012 2:40 pm Post subject: |
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Escrows are shady business. I personally don't escrow my taxes or insurance because of things like this. I'd rather save the money every month in a separate checking account and pay it when it comes due. The caveat is that you have to have 20% equity in your home to do this, in most cases.
I don't know the answer to your question, but at least it wasn't the other way around. I've heard of cases where the escrow company withholds too little for a few years, then back charges you all at once or divides the back charges over the next year. Imagine your mortgage payments going up $400 a month all of the sudden!
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