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Collecting Too Much For Escrow

August 27th, 2012 at 12:17 pm

Our first new mortgage payment is coming up in a few days. I was reviewing our mortgage documents and checked our taxes due with the county that are also due on the same day. The amount due is $371. Wells Fargo is estimating taxes to be $1,751. They have collected enough funds to make that payment, too!

I think the escrow account needs to be adjusted. I want our money back!! I sent an email to our mortgage consultant. She may refer me to customer service, but I thought I'd start with her.

Our house is new construction, so I know that our taxes will eventually be a similar amount to what they estimated. But they don't need to hold that much money for over a year!

I would much rather be handling my own escrow account, but it didn't work out that way with this house and lender. I'll let you know when I have that money back in our bank account.

4 Responses to “Collecting Too Much For Escrow”

  1. Petunia 100 Says:

    Credit Card Free,

    I went through something similar recently. I logged in to the Wells Fargo website and sent a secure e-mail requesting an escrow account analysis. They did one within a day or two, then e-mailed me the results. I received my check about 2 weeks later. Easy peazy. Smile

  2. creditcardfree Says:

    Thanks for the heads up on that, Petunia. I will likely go that route if I don't hear something back from my mortgage consultant.

  3. Beawealthywarrior Says:

    I hope all turns out well. I handle my own escrow and it definitely makes things easier.

  4. Homebody Says:

    I too handle my own escrow. That would be really frustrating for the bank to hold that much cash.

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