U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-03-2013, 03:54 PM
 
165 posts, read 879,267 times
Reputation: 129

Advertisements

We are refinancing our home loan and are in the final stages before signing.

We have a shortage in our escrow account currently. The bank says we need to pay this escrow shortage and a few house payments that we will be skipping separately before close. They are not breaking down the final amount due into which portion is for taxes and for future payments and the full amount shows up on the HUD as 2012 taxes "paid outside of closing by Borrower."

Is this common?
Reply With Quote Quick reply to this message

 
Old 08-03-2013, 10:33 PM
 
3,805 posts, read 9,180,473 times
Reputation: 4978
Escrow must be current, and on track to be current when taxes and insurance are due.

However, what's with the "several payments" thing? Are they actual payments, or is there a shortfall between the payoff, fees, and new maximum loan amount wherein they are comparing monies due to "several payments?
Reply With Quote Quick reply to this message
 
Old 08-03-2013, 10:37 PM
 
Location: Texas
44,254 posts, read 63,089,280 times
Reputation: 73841
Don't do escrow, peeps...just pay taxes and insurance yourselves.
Reply With Quote Quick reply to this message
 
Old 08-04-2013, 11:51 AM
 
Location: SoCal
681 posts, read 2,759,162 times
Reputation: 495
Yep just pay the escrow shortage. If you happen to pay extra they will cut you a check for the difference.

If you have the option of not getting an escrow account with your refinancing, I would opt out of it. It's more of a headache to try to keep up with the banks payouts and buffer amounts. Just open a savings account and pop in a reasonably calculated amount each month in there and pay your taxes and insurace from there.
Reply With Quote Quick reply to this message
 
Old 08-05-2013, 05:40 PM
 
3,805 posts, read 9,180,473 times
Reputation: 4978
All fha/va/usda and conventional loans over 80% of the value require escrows.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

© 2005-2023, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top