UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: WotPeed Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127236  
Subject: Re: Escrow items during refi Date: 1/25/2013 5:03 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.

Wot
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement