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.
Collecting Too Much For Escrow
August 27th, 2012 at 07:17 pm
August 27th, 2012 at 09:16 pm 1346102162
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.
August 27th, 2012 at 09:53 pm 1346104396
August 28th, 2012 at 12:53 am 1346115220
August 28th, 2012 at 02:23 am 1346120630