Found money

tommymac · 03-17-2010, 02:33 PM

Had a good day so far, dropped 4 bills on th ebuells first service (yeah that kinda sucked) but we got a check from the mortgage company since we were paying too much into our escrow acct. Our wnderful lawyer (yes thats sarcastic) said we should pay extra because of something about the taxes. Well so much for that, we got a check for 4k back and out escrow ammtgoes up about 10 bucks a month.

Got the missus looking into it today because it will also be a nice nugget each month we dont have to put into escrow and can use towards the principal and to pay off some other debts.

Oh and marko, theis means I am getting an exhaust

the chi · 03-17-2010, 02:37 PM

If NY is like FL on the escrow thing, we pay insurance and taxes out of the escrow that is collected as part of each months payment, and each year it is adjusted based on last years taxes and insurance. If it goes down, refund. If it goes up, you gotta pay a shit ton of cash or let your mortgage go up. Paying extra into escrow NEVER hurts and insures you get that refund. I used to pay $10-15 extra every month so I never had to worry about the craziness in FL.

marko138 · 03-17-2010, 02:38 PM

Buy that shit today, Thomas. GET TO IT!

fasternyou929 · 03-17-2010, 03:16 PM

Quote:

Originally Posted by The Chi

If NY is like FL on the escrow thing, we pay insurance and taxes out of the escrow that is collected as part of each months payment, and each year it is adjusted based on last years taxes and insurance. If it goes down, refund. If it goes up, you gotta pay a shit ton of cash or let your mortgage go up. Paying extra into escrow NEVER hurts and insures you get that refund. I used to pay $10-15 extra every month so I never had to worry about the craziness in FL.

Mortgage companies "like" to make you pay your insurance from your escrow, but it's not mandatory. Insurance is paid in advance every year so there's no reason they need to collect a premium from you every month and pay you 0% interest on it, other than it benefits them.

Taxes are different because the bank can lose the property to the government if taxes aren't paid, so it's harder to get out of having that held in escrow.

Rider · 03-17-2010, 03:22 PM

I didn't have an escrow account set up on my current home loan for the first 3 years I lived in the house. Since it was a brand new home I knew form previous experience that the taxes were going to fluctuate for the first few years so I paid it out of my own pocket twice a year. I've been burned before on that with the house payment going up $400/month to make up for the shortage in the escrow account. Now that the taxes have leveled off I now pay taxes via an escrow account but I still pay insurance out of pocket each year.

Cutty72 · 03-17-2010, 03:30 PM

What flavor ya gettin tommy?

tommymac · 03-17-2010, 06:56 PM

Quote:

Originally Posted by Cutty72

What flavor ya gettin tommy?

Thinking about the barker, I ma just waiting to see a pic of it in black. I saw a mock up of one and it looked realy nice and with the quiet insert it seems to have a nice sound.

Now when you guys say ins do you mean homeowners ins? That we pay separatley

wildchild · 03-18-2010, 09:38 AM

wish I could pay my ins separately. the bank seems to think I'm too irresponsible to pay it on my own. Homeowners is rolled into escrow. funny thing about that is every year my insurance co threatens to drop me because the payment is late from the damn bank. apparently the bank believes the right time to pay a bill is right at the end of the grace period. drives me crazy.

03-17-2010, 02:33 PM	#1
tommymac Moto GP Star Join Date: Nov 2008 Posts: 11,022	Found money Had a good day so far, dropped 4 bills on th ebuells first service (yeah that kinda sucked) but we got a check from the mortgage company since we were paying too much into our escrow acct. Our wnderful lawyer (yes thats sarcastic) said we should pay extra because of something about the taxes. Well so much for that, we got a check for 4k back and out escrow ammtgoes up about 10 bucks a month. Got the missus looking into it today because it will also be a nice nugget each month we dont have to put into escrow and can use towards the principal and to pay off some other debts. Oh and marko, theis means I am getting an exhaust

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03-17-2010, 03:22 PM	#5
Rider Moto GP Star Join Date: Feb 2008 Posts: 12,156	I didn't have an escrow account set up on my current home loan for the first 3 years I lived in the house. Since it was a brand new home I knew form previous experience that the taxes were going to fluctuate for the first few years so I paid it out of my own pocket twice a year. I've been burned before on that with the house payment going up $400/month to make up for the shortage in the escrow account. Now that the taxes have leveled off I now pay taxes via an escrow account but I still pay insurance out of pocket each year.

03-18-2010, 09:38 AM	#8
wildchild cruiser Join Date: Nov 2008 Location: on the run Moto: '09 HD superglide, 16 Yamaha FZ 09 Posts: 2,749	wish I could pay my ins separately. the bank seems to think I'm too irresponsible to pay it on my own. Homeowners is rolled into escrow. funny thing about that is every year my insurance co threatens to drop me because the payment is late from the damn bank. apparently the bank believes the right time to pay a bill is right at the end of the grace period. drives me crazy.