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Personal Finances / Buying or Selling a Home


Subject:  Re: Escrow items during refi Date:  1/25/2013  5:03 PM
Author:  WotPeed Number:  124603 of 128887

Hi crackd,

Thanks for the detailed reply.

Taxes must be due soon, or there would not be a seperate line item for taxes due county. If taxes were not due soon, the money would be collected in the new escrow account being established. Title companies are not able to record a new mortgage at the court house if R.E. taxes are due. In this case it looks as if the title company established a line item to show they are collecting taxes and they (not the bank) will be making the next tax payment to the county.

Sounds ok so far.

The $1,577. covered what's due now. If you pay twice yearly, they will be due again in 6 months. The escrow account will need to collect 2 months of taxes at closing as you will probably only have 5 monthly mortgage payments before taxes are due again.

So that would imply that the existing escrow account should have enough to cover the $1577 that's due soon, right? So I should get a check for at least that amount some time after the closing?

If Chase had the original loan, ask them what they are doing with current escrow. The bank I'm with will apply the escrows of the current loan to the balance of that loan, reducing the payoff amount.

The current loan is with Chase as well (PNC has my HELOC). I'll ask the closing agent about the existing escrow account.

Email the loan officer and tell him to give you a call. If he doesn't call, email him and say you will cancel the transaction if you don't have your questions answered.

I've emailed and called my loan officer. She is of very little help. Her communication skills are poor and I don't think she knows what she's talking about. She has ignored questions completely and (from the responses in this thread) it sounds like some of her answers are just plain wrong.

If the closing agent can't explain things to me better then I might just postpone signing the documents.

Thanks again to all who have helped.

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