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View Poll Results: Do you use escrow account?
Yes 22 55.00%
No 18 45.00%
Voters: 40. You may not vote on this poll

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Old 05-08-2009, 09:10 PM
 
995 posts, read 3,681,763 times
Reputation: 360

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I have figured out how to simulate an escrow account in quicken. In fact, I have it set up such that all my yearly, quarterly payments including property tax, home insurance, auto insurance, HOA fees are recognized as monthly expenses. This was critical for me because I always do month-to-month comparisons.

Another benefit of this is that the balances of these accounts now show how much refund I can get, if I cancel the service now. If you are interested, PM me.
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Old 05-08-2009, 09:25 PM
 
Location: SE Florida
1,194 posts, read 3,815,505 times
Reputation: 754
Quote:
Originally Posted by NCyank View Post
Ours didn't either. Think about it, why would the bank charge you for NOT using the escrow service? Another poster said they are not allowed to earn money from escrow accounts ( I don't know that is the case)
Good choice on another lender and we picked up a different one too...Our current mortgageor would not even return our call after attempting to get in touch with them and leaving a message to return our call on 3 different times.

We picked up a 4.375 for .75 points the other week and we will save $120.00 a month. We refied our refinancing charges to get a lower rate and we will be even in 36 months. Our home cost us over $375k to build in 2005 and in 2006 it was said to be worth $500k and going higher but the spiral downward is hurting everyone. I am trying to convince the broker to give us a 50.00 gift card..hehehe

I guess the appraisal will be around $250k nowadays but we are not moving or evacuating.... hahahaha....
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Old 05-08-2009, 09:31 PM
 
Location: SE Florida
1,194 posts, read 3,815,505 times
Reputation: 754
Quote:
Originally Posted by acegolfer View Post
I have figured out how to simulate an escrow account in quicken. In fact, I have it set up such that all my yearly, quarterly payments including property tax, home insurance, auto insurance, HOA fees are recognized as monthly expenses. This was critical for me because I always do month-to-month comparisons.

Another benefit of this is that the balances of these accounts now show how much refund I can get, if I cancel the service now. If you are interested, PM me.
Myu brother uses Quicken and he hasn't called or emailed me as of today on your question so as long as it works for you it is great.

I do a month to month comparison too but my links roll into another spreadsheet and are in MS Excel..

Never thought that Quicken is so powerful so in the next few months I may have to get the program. I hope I can get it at a reasonable price....
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Old 05-13-2009, 09:08 AM
 
995 posts, read 3,681,763 times
Reputation: 360
Finally, I've received the check for the remaining balance of my escrow account. I'm happy to be independent.

Is anyone paying 2 property taxes (for year 2009 and 2010) in 2010 and use standardized deduction for 2009?
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Old 05-13-2009, 10:51 AM
 
114 posts, read 443,653 times
Reputation: 30
I tried to cancel my escrow account with USBank, but it would cost me $661 to do so (0.25% of the prinicpal). No, thanks! I'd rather handle the tax and HOI payments on my own--and put that money in a high interest savings account--but I don't want to fork over $661 to do it.

On another note, I had filed a homestead exemption and my taxes went down slightly, so my escrow payment shoucl have decreased; it didn't. It increased by about $50 instead. I don't know why!
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Old 05-13-2009, 12:29 PM
 
Location: Richardson, TX
11,730 posts, read 18,655,510 times
Reputation: 30455
Nerak, do you pay by payment coupon?

The place I work sends out the escrow analysis in the new payment booklets. You can look at it if you want to understand why your payment went up (i.e. which part of last year's tax/insurance disbursements were higher than the bank had estimated)

If you don't have that, you should be able to request an escrow analysis from the servicer. The taxes that just got lowered probably are the taxes that will be paid THIS year, so when your tax bill comes due they will pay the lower amount and you may end up with an escrow overage that will be refunded to you. If you were my customer, I'd have you send me the lowered estimated tax bill you received from the county, I'd take it over to the tax lady and get your account reaudited now to lower your payment.
I work at a small, service-oriented place though. I don't know how easy it is to get other servicers to reaudit your account in the middle of the year.
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Old 05-13-2009, 01:00 PM
 
114 posts, read 443,653 times
Reputation: 30
I pay by auto-draft from my bank account, but I'm hoping I can dig up the information on the P&I, tax, and HOI breakdown somewhere. Thanks for the helpful tips...I'll try to get a hold of someone to send my new tax bill!


Quote:
Originally Posted by Debsi View Post
Nerak, do you pay by payment coupon?

The place I work sends out the escrow analysis in the new payment booklets. You can look at it if you want to understand why your payment went up (i.e. which part of last year's tax/insurance disbursements were higher than the bank had estimated)

If you don't have that, you should be able to request an escrow analysis from the servicer. The taxes that just got lowered probably are the taxes that will be paid THIS year, so when your tax bill comes due they will pay the lower amount and you may end up with an escrow overage that will be refunded to you. If you were my customer, I'd have you send me the lowered estimated tax bill you received from the county, I'd take it over to the tax lady and get your account reaudited now to lower your payment.
I work at a small, service-oriented place though. I don't know how easy it is to get other servicers to reaudit your account in the middle of the year.
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Old 05-13-2009, 07:32 PM
 
200 posts, read 360,801 times
Reputation: 202
I bought my home in '03 and no escrow thank god.
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