Monday, April 28, 2008

More Mortgage Escrow Confusion

I got a letter on Friday from my mortgage bank, the long-awaited follow-up to my request to have my escrow payments changed since my real estate taxes are now lower. The letter basically said "Dear Borrower: Thank you very much for your recent inquiry blah blah blah. We have made an adjustment to your loan account reflecting your new property tax amount, which is [insert OLD tax amount!]."

Gee, thanks for looking into that! Oh well-- at some point I think they will be doing another one of those routine escrow account reviews anyway, and hopefully, since they've already paid at least one quarterly tax bill at the new lower amount, they'll figure out that they should adjust things in my favor. If not, I'll be trying again!

2 comments:

change is a good thing said...

OH, that can be so frustrating! Hopefully they will do an analysis soon. Mine is going to be done in June, so maybe yours will be done around that time too. Best of luck!

Debbie M said...

My property taxes went down quite a bit last year. When my escrow was re-calculated, they dropped my monthly payment AND sent me a refund of some of the overage.

(That was real dumb of them because next year's taxes are going up so much that I'm going to have to use all the money I am saving and being refunded this year to pay my higher costs next year!)

After a while I've heard that you can request that they let you handle your own taxes and insurance instead of having an escrow account, and then you can at least be earning interest on the money while you're saving it up. But I have such a small house that the interest wouldn't add up to much, so I haven't looked into that.