A company I have never heard of before stated they accidentally paid my escrow to my county. Apparently the County states that they did but we do not have verification of this. Should my mortgage company (who pays my escrow) just blindly pay this other company back and then charge me? How can another company accidentally pay someone else's escrow? Why doesn't the county pay them back and then charge me? Something seems odd. Thanks for your help
2006-12-13 09:33:40 · 5 answers · asked by blsteelerfan 2 in Business & Finance ➔ Renting & Real Estate
Mortgage companies hire tax service companies to manage the updates and payments of taxes from their escrow accounts.
Typically, these companies will send one massive check for all the properties they have funds for in your county, all at once. There can literally be thousands of accounts under one check, depending on the size of your county and the market saturation your company has.
So, it's certainly not impossible that things get in the wrong place.
That being said, your only responsibility is to pass the information on to your servicer (mortgage company). While you're at it, demand an accounting of your escrow funds for the past 12 months, in writing. Let them deal with the rest of it.
2006-12-13 09:46:29 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Maybe I can answer some, but not all, of your questions. It seems entirely possible to me that someone can accidentally pay real estate tax on the wrong property. Where I live all parcels of real estate have an identification number. If a mortgage lender makes a clerical error, a tax payment can be applied to the wrong property. If this happened to me, I would stay out of it entirely, if possible. I would let the county, the other company and my mortgage lender fix this situation. I would most certainly NOT reimburse the other company for their mistake. I also would NOT ask/allow my mortgage lender to repay the the other company.
When I bought my current home, I closed just before property taxes were due. I paid (actually the seller paid most of) the property tax bill at closing. The title company which closed the loan then paid the county the property tax that was due. A couple of weeks later I got a letter from my mortgage lender telling me that my escrow account had a negative balance, I must pay immediately or else etc. I called up my mortgage lender, they got a refund from the county (real estate had been paid twice) and everything was fine.
2006-12-13 09:44:54 · answer #2 · answered by Adoptive Father 6 · 1⤊ 0⤋
Yes, that seems very odd. You need to get this verified in writing. It is your mortgage company and county's obligation to fix this. Do not have the mortgage company pay them blindly, whatever you do.
2006-12-13 09:39:28 · answer #3 · answered by Anonymous · 1⤊ 0⤋
That just doesn't seem right. Do some serious digging and whatever you do, don't let your mortgage company pay anything until you have clear answers in writing.
2006-12-13 09:41:48 · answer #4 · answered by Loli M 5 · 1⤊ 0⤋
yes that sounds very odd. with out physical evidence of such from the other company and the county i would not pay them back (with out such documents no one not even your mortgage company should pay them back).
good luck with resolving that, but do make sure you keep up on it. do make sure with out proper documents your mortgage co do not pay them back.
2006-12-13 12:06:53 · answer #5 · answered by 2b-nice 2 · 1⤊ 0⤋