Escrow help

[sdkk810]

My loan was modified through AHMSI and they set up an escrow acct. for me. Looking at my most recent mortgage statement it shows I have large amount of money in my escrow account. Contacted AHMSI and they said any overage would be applied to the principal. Nowhere in my loan docs does it say they will apply overage funds to principal. Is this a normal practice?

[christy4]

From what I understand, any overage of escrow (tax & insurance) should be refunded to you at the end of the year. Maybe someone else knows for sure.

[wonthefight]

having the same issue..I posted a similar problem in an earlier post. Instead of refunding me the money they also posted the escrow overage into my principal. Although, it reduced my prinicipal I would much rather have had the money refunded to me.

I am working with "monica" which Jeanne referred me to but I am getting the run around.

[heidi79]

escrow accounts are supposed to be seperate and exclusive of the mortgage payment, overages should be refunded to you. a supervisor or manager in the escrow department should be able to help.

[ohhhdear]

I had an overage in my escrow and BofA sent me a check--got the check just recently! Yahoo for that!

When I called the guy at BofA --- he said I had 3 options:

1) Get a check

2) Apply to principle

or 3) Keep it in escrow and make smaller payments for the next year/


I said : I want the check ----and got it about one week later! I was surprised I got it so quick.