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Some useful background: In order to get the mortgage we have, it had to be written such that we pay our money into escrow and the bank covers our taxes and homeowner's insurance. I know this is not everyone's preference, but it was what worked out best for us-it was an appropriate amount of money at a reasonable interest rate without having to take a second mortgage at an outrageous rate for a portion of the cost of the house-this mortgage meant we could put down what we had as a down payment and pay a very reasonable interest rate and still borrow sensibly. Any comments from the audience about how we shouldn't have taken that sort of mortgage are hereby understood to be open for ridicule about the commenter's reading comprehension skills. ;)
So...now that you have the background, here's what's going on.
In December, we got a letter from our homeowner's insurer asking for payment for the premium. I set the letter aside and did nothing with it, assuming the bank would pay it. In late January, we got a letter from our mortgage company regarding our escrow account saying that our overage was $xxxx.xx and that in ten days we would be mailed a check for that amount. The letter also outlined what our new mortgage payment would be (our escrow amount changed because of homestead exemptions and taxes and such.) Shortly after, we got a letter from our homeowners insurer that threatened us with cancellation for non-payment. Up in arms, Cayne called the homeowners insurer and the bank, the bank said "Oh, we forgot or otherwise screwed up. We'll overnight a check." And that was done.
The escrow overage check never arrived. Eventually, Cayne called the bank and they said "Oh, we forgot, or otherwise screwed up. We'll mail the check within ten days."
Today, we got a check and a new escrow statement from the bank. The check wasn't for $xxxx.xx, it was for $yyy.yyy-a difference of about $650. On the new escrow statement, our monthly homeowner's insurance payment has gone up about $50, raising our monthly mortgage payment by $50-by the time I got home and got this letter it was too late to call our insurance agent to find out what the story with this was, whether our premium had suddenly changed or anything like that, though I haven't gotten a letter or anything from the insurance company, so this doesn't make sense to me. . $650 doesn't match up anywhere. It doesn't match up to the new minimum balance allowed in our escrow account with the . It doesn't match up to the full amount of our homeowner's premium unless that's changed, but as I said above, to the best of my knowledge, it hasn't changed.
So where is my $650? And at this point, considering the check was sent almost two months late, what recourse do I have in getting it back from the bank? I'd really like that money-there are some good things I could use it for.
So...now that you have the background, here's what's going on.
In December, we got a letter from our homeowner's insurer asking for payment for the premium. I set the letter aside and did nothing with it, assuming the bank would pay it. In late January, we got a letter from our mortgage company regarding our escrow account saying that our overage was $xxxx.xx and that in ten days we would be mailed a check for that amount. The letter also outlined what our new mortgage payment would be (our escrow amount changed because of homestead exemptions and taxes and such.) Shortly after, we got a letter from our homeowners insurer that threatened us with cancellation for non-payment. Up in arms, Cayne called the homeowners insurer and the bank, the bank said "Oh, we forgot or otherwise screwed up. We'll overnight a check." And that was done.
The escrow overage check never arrived. Eventually, Cayne called the bank and they said "Oh, we forgot, or otherwise screwed up. We'll mail the check within ten days."
Today, we got a check and a new escrow statement from the bank. The check wasn't for $xxxx.xx, it was for $yyy.yyy-a difference of about $650. On the new escrow statement, our monthly homeowner's insurance payment has gone up about $50, raising our monthly mortgage payment by $50-by the time I got home and got this letter it was too late to call our insurance agent to find out what the story with this was, whether our premium had suddenly changed or anything like that, though I haven't gotten a letter or anything from the insurance company, so this doesn't make sense to me. . $650 doesn't match up anywhere. It doesn't match up to the new minimum balance allowed in our escrow account with the . It doesn't match up to the full amount of our homeowner's premium unless that's changed, but as I said above, to the best of my knowledge, it hasn't changed.
So where is my $650? And at this point, considering the check was sent almost two months late, what recourse do I have in getting it back from the bank? I'd really like that money-there are some good things I could use it for.
