For Those With Escrow-- How was 2011?

[ehlana98]

We had over $900 surplus last year they kept all of it. We have over $1,100 surplus right now I'm expecting them to keep it as well. I wish we would get the money back.

[Spanelli8706]

Check Progressive for rates! We were paying a LOT thru Liberty Mutual. After switching home ins to Progressive, we're saving close to $1200 a year!! And we're getting nice discounts for multi-policies, since we have our car ins with Progressive as well. Our rates are still over $1000/yr, but we live in am affluent area, we live on the water & we are in a hurricane zone.

This year, our rate dropped like $27/month. It just reduces in our payments- we didnt get a check back or anything.

[rheavon]

I'm still waiting for an analysis, but I suspect we have a nice surplus coming back to us. Our home was a new build, so last year's taxes were unimproved. We put in $376.01 a month into escrow. To put it simply, after taxes, we could've almost paid another tax bill.

Due to some "glitch" during closing our insurance does not come out of escrow. We've tried to fight it with the mortgage company our loan was sold to, but they won't budge unless I get into some kind of legal battle. So that's been paid out of pocket/savings which will be replenished once escrow comes back around.

[tinkinpink84]

Our insurance comes out of escrow im not sure how much it is annually. I know it would have been $90 a month. taxes are almost 1700 that comes out of our escrow as well. So far every year we get about $700 or so back every may though from the escrow. I still am trying to figure out how all of it works! I spent 6 mths mailing our insurance a $90 payment and kept getting a $90 check back. It took that long to realize that the insurance came out of our escrow lol and was already paid!

[NIGHTB1022]

We had over $900 surplus last year they kept all of it. We have over $1,100 surplus right now I'm expecting them to keep it as well. I wish we would get the money back.

Contact your mortgage company and tell them you want your excess escrow returned or they won't do it, I have had to do that years ago.

[gctattoo]

Check Progressive for rates! We were paying a LOT thru Liberty Mutual. After switching home ins to Progressive, we're saving close to $1200 a year!! And we're getting nice discounts for multi-policies, since we have our car ins with Progressive as well. Our rates are still over $1000/yr, but we live in am affluent area, we live on the water & we are in a hurricane zone.

This year, our rate dropped like $27/month. It just reduces in our payments- we didnt get a check back or anything.

Since we have our car insurance through Progressive, I'd love to have them for homeowner's as well. They do give nice discounts. But they don't offer it in FL.

[gctattoo]

We had over $900 surplus last year they kept all of it. We have over $1,100 surplus right now I'm expecting them to keep it as well. I wish we would get the money back.

As another poster said, I would definitely see if you can get that money out of there. There's no reason for them to keep such a big overpayment. Good luck!

[ehlana98]

As another poster said, I would definitely see if you can get that money out of there. There's no reason for them to keep such a big overpayment. Good luck!

Thank you both. How long do we need to wait before we contact the mortgage company? Didn't know you could request the excess money.

[gctattoo]

Thank you both. How long do we need to wait before we contact the mortgage company? Didn't know you could request the excess money.

I have no idea what the procedure would be since our bank automatically issues a check if there's an overpayment. But I'd contact them right away to see what can be done.

[rheavon]

OOOOkie dokie. We just got our escrow analysis & check sent to us. The check was for $3K, which sounds good- but they raised our monthly payment by about $60. I guess I don't understand why they sent us back that much money when our overall escrow payment was raised by $720 a year. So we're only considering the $2280 as what we're actually getting back.

Since this was the first year we were actually paying the full tax amount (as opposed to last year's "unimproved lot" amount), I guess we'll know the "real amount" of our taxes for next year too- so I'm crossing my fingers next year won't be such a jump in monthly payment.