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My wife and I got our GFE back from our lender and one of the line items was a 2,800 tax credit at closing from the seller (we are anticipating closing on 9/24).
If I understand correctly this represents funds in the sellers tax excrow account for taxes paid for 2009 while they were the owners.
These are funds that will have to be paid when we get our first tax bill in 2010 correct?
Normally, how does our mrtgage company handle this? Will we have to fund our tax escrow account with this money? We don't want them adding onto our mortgage in order to play 'catchup' for this credit.
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