Can I use this years escrow money to pay for last years property tax?

Question

I just bought a home in February 07, and I sent in a check for the second part of my property taxes for 07, (The "builder" paid the first). The tax people lost the check and never cashed it so now I have to resend another check. I have an escrow account for the upcoming taxes and I have more than enough to cover the upcoming taxes so I would like to use the money to pay last years as well. Can I do this?

Answer 1

The lender requires you to put enough into escrow each month so they will have enough to pay the future tax bills. If the monthly escrow payments are excessive, you can ask to reduce future escrow payments, but they usually won't "refund" past payments.

Answer 2

You need to send another check for the amount - if they never cashed the first one, you would still have the money in your account. The extra in the escrow is for the FOLLOWING tax payment. If you used that, you'd end up short when the next payment came due.

Answer 3

I propose you place a stop value on the 1st examine, and hand grant a alternative. in the experience that your taxes are escrowed with your loan lender, you shouldn't get right of entry to those money besides.