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Escrow

Glowpun

Glowpun

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Hi folks,

I have a house payment with WF Bank that includes the escrow.

The insurance company that insures this house refunded me $1,069 due to an overpayment.

WFB upped my monthly escrow by $164 per month almost all of it due to the insurance. The gal I spoke with said that is because of a shortfall and will last 12 months. Then she said the shortfall was $1,300. If you multiply the $164/month increase over 12 months that will be more than the $1,300 shortfall. Anyone have an explanation for this?

And why did the shortfall happen in the first place?
 
All I can say without you divulging a heck of a lot of personal information (which I suggest you not do), is get a lawyer to review your mortgage contract to see if they are within their rights to do so and if they are then, sorry but, BOHICA.
 
Glowpun said:
Hi folks,

I have a house payment with WF Bank that includes the escrow.

The insurance company that insures this house refunded me $1,069 due to an overpayment.

WFB upped my monthly escrow by $164 per month almost all of it due to the insurance. The gal I spoke with said that is because of a shortfall and will last 12 months. Then she said the shortfall was $1,300. If you multiply the $164/month increase over 12 months that will be more than the $1,300 shortfall. Anyone have an explanation for this?

And why did the shortfall happen in the first place?
Click to expand...

I would need to read the contract. But you probably need a lawyer or mortgage specialist for that.
 
You could always just call WF and ask...
 
Glowpun said:
Hi folks,

I have a house payment with WF Bank that includes the escrow.

The insurance company that insures this house refunded me $1,069 due to an overpayment.

WFB upped my monthly escrow by $164 per month almost all of it due to the insurance. The gal I spoke with said that is because of a shortfall and will last 12 months. Then she said the shortfall was $1,300. If you multiply the $164/month increase over 12 months that will be more than the $1,300 shortfall. Anyone have an explanation for this?

And why did the shortfall happen in the first place?
Click to expand...

Read your escrow history and try to understand it, it's not that difficult. Beginning balance + money in - RE Taxes - Home insurance = Ending balance. Did the home insurance company accidently charge the escrow 2X this year and then refund you the money directly instead of returning it to the escrow account, cause that's what it sounds like to me.
 
Beaudreaux said:
All I can say without you divulging a heck of a lot of personal information (which I suggest you not do), is get a lawyer to review your mortgage contract to see if they are within their rights to do so and if they are then, sorry but, BOHICA.
Click to expand...

Don't need a lawyer. Escrows can only retain X amount of money to cover projected expenses. Like I said before read the annual escrow projection to make sure a mistake wasn't made in the calculation. People should have some vague idea what their homeowner's insurance and real estate taxes run each year and if they really don't know they can get a hold of the insurance company or county treasurer.
 
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