Escrow question

[ohhhdear]

Wondering if Bank of America will issue me a refund for paying extra for escrow.

Here's the situation--- I was able to lower my homeowners' insurance by getting a wind mitigation inspection. Insurance in Florida is outrageous.

Also, my property taxes have dropped because of declining values. In my county, if they pay by Nov 1st-- the county gives a 5 percent deduction.

In a nutshell, I believe I have paid more than $1,500 in escrow.... Should BOA issue me a refund or will they hold it in the escrow account?

Thanks for any info.

[lisasxr]

BoA will hold a 16.3% cushion of the yearly escrow amount in the account. They previously had issued refunds for amounts over that cushion.

[pyeatpr]

Originally Posted by ohhhdear

Wondering if Bank of America will issue me a refund for paying extra for escrow.

Here's the situation--- I was able to lower my homeowners' insurance by getting a wind mitigation inspection. Insurance in Florida is outrageous.

Also, my property taxes have dropped because of declining values. In my county, if they pay by Nov 1st-- the county gives a 5 percent deduction.

In a nutshell, I believe I have paid more than $1,500 in escrow.... Should BOA issue me a refund or will they hold it in the escrow account?

Thanks for any info.

I have an overage for my escrow too due to the sames reasons as you. I was told if your escrow is more than 16.6 percent above the required balance for escrow, the difference will be sent back to you by check 19 days after your last payment due date as long as the account is current and the loan is not in the assumption process.

With that said, they still did not send my overage back, so I need to contact BOA again. If you want your refund, you will need to stay on top of them. They are more than eager to contact you if you owe them money, but they will avoid you like the plague if they need to pay you.

[Evan Bedard]

I have an overage for my escrow too due to the sames reasons as you. I was told if your escrow is more than 16.6 percent above the required balance for escrow, the difference will be sent back to you by check 19 days after your last payment due date as long as the account is current and the loan is not in the assumption process.

With that said, they still did not send my overage back, so I need to contact BOA again. If you want your refund, you will need to stay on top of them. They are more than eager to contact you if you owe them money, but they will avoid you like the plague if they need to pay you.

Thank you pyeatpr. Yes you will need to stay on top of BofA like white on rice. They will be very hesitant when it comes to paying the money back...