Question about Escrow Overpayment

[MileMarkerZero]

What is the name of your state? Texas

Hello,

We have had our mortgage on our condo since 1/03. Chase Manhattan is our company.

We have our account set up so that they pay our taxes and we pay them. However, in 2004, our property taxes went up, so they hiked up our payment per month. They have grossly overcharged us and have paid our County only what is owed. Do we ask them for a refund? Will they give it or will they just apply it toward this next year? We are pretty upset and are going to ask them to stop paying on our behalf and let us do it ourselves.

Example: They have been charging us $377 per month for taxes, when it should really only be $252. They owe us $1400.

Also, we have found out that our school district has not been exempting us for homestead for the past two years. Do we just contact them and ask for a refund? They owe us about $1000.


Thanks for any advice or tips on how to handle these issues.

 

[seniorjudge]

Chase Manhattan is our company.
Oh, brother.

Do we ask them for a refund?
Yes, in writing, completely documented sent certified mail return receipt requested.

Will they give it or will they just apply it toward this next year?
No, they probably will not give it back to you but they must apply for next year.

There are a couple of folks on here who are really smart when it comes to these lender issues.

I hope you can get some more pointers from them. What you are complaining about just irritates the **** out of me because it is done to people all the time!

 

[MileMarkerZero]

Thank you very much for your answer. I am irritated myself because I see now how they really take advantage of people. This is why we are going to ask them to stop paying our taxes for us and let us handle it ourselves. I just hope they enjoyed whatever they made off of our overpayment. We won't let it happen again, that's for sure.

We will send a certified letter ASAP this week. Thanks again!!

 

[Indiana Filer]

What is the name of your state? Texas

They have grossly overcharged us and have paid our County only what is owed.

Example: They have been charging us $377 per month for taxes, when it should really only be $252. They owe us $1400.

Thanks for any advice or tips on how to handle these issues.

I've had mortgages with three different companies, although not ever with Chase Manhattan. Each one of these companies did an annual escrow analysis to figure out how much we had to pay each month on top of principal and interest, and would then adjust our payment. If there was extra in the account, they would send us a check to refund that amount.

Call your mortgage company and ask when your next excrow analysis will be done.

Sorry that I can't answer your questions about the school tax, but Indiana does their exemptions differently than Texas.