Posted by Cherilyn in CO on 8/21/05 9:17pm
Msg #60657
Could someone help me with this? Regarding ref. of escrow..
Here is an email that a friend of mine sent me...
Part of the money that I was/am supposed to get at closing is from the taxes/escrow and the bank has a month to send me a check for that difference. It was supposed to be around 1500. But the loan person did not know the exact amount. Told me a while back that I could probably check on my last mortgage statement. So - I'm freaking out here - because I just looked and my last mortgage statement has NEGATIVE 43.51 in there! Does this mean I am totally screwed? Or did I misunderstand how they refund these things?
I haven't seen her HUD, so I don't know what they've charged her at closing, but isn't that what should be refunded or some portion of it?
Cherilyn
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Reply by Brian/CA on 8/21/05 9:46pm
Msg #60665
Generally if you are getting money back it will be shown on the HUD, but that would be from the new lender. The old impound account is not going to be reflected on the Hud.
In addition, the money that is in the impound account of her old lender, when her old loan is paid off will be reimbursed to her by her previous lender. The amount in the impound account on her old loan could vary on when her insurance is due, and when the taxes are paid. I can't imagine it being -43.51, most companies want a 3 month pad in your impound account and will raise your payments to keep the pad up there. Her statement may not be showing all of the impounds account. Tell her to call her old lender and ask what is in there.
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