Applying escrow overage to mortgage balance?

[Anonymous]

Anonymous wrote:

Anonymous wrote:couldn't you just pay extra the month you get the check?

winner right here

Too practical for our little argumentative OP.

[Anonymous]

I don't think the mortgage company will or, even can, do this. My understanding is that they are allowed to keep a certain escrow overage until the mortgage is paid in full. That way they don't get stuck with an extra tax bill or something. They see them as two separate accounts and we don't usually receive the overage as a check until the mortgage is completely paid off (after a sale, usually).

[Anonymous]

I tried doing this.

The applied it to the next month's mortgage and then started sending me delinquency notices of the amount I paid. Mind you this was their suggestion. Eventually it cleared up over a few billing cycles but it was stressful and annoying to have the damn robocall about being past due calling me multiple times a day.

[Anonymous]

Anonymous wrote:I don't think the mortgage company will or, even can, do this. My understanding is that they are allowed to keep a certain escrow overage until the mortgage is paid in full. That way they don't get stuck with an extra tax bill or something. They see them as two separate accounts and we don't usually receive the overage as a check until the mortgage is completely paid off (after a sale, usually).

Yes, plus the bank is raking in quite a few dollars in interest when they hold onto the money. In my conversation with BOA, I said I'd rather hold onto the money and collect the interest and then pay the extra tax bill when needed.

[Anonymous]

Anonymous wrote:Wow, OP, I agree with 21:42.

And you're a bitch.

...and you are clearly the one to make that call.