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Reply to "Applying escrow overage to mortgage balance?"
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[quote=Anonymous][quote=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). [/quote] 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. [/quote]
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