unexpected escrow shortage after sale of loan

[sissychele]

What is the name of your state?Illinois
My loan was sold to a different mortgage company last year.When it was sold I received a check from the new company saying that there was an overpayment to my account for taxes. Then 6 months later I receive a letter from the original mortgage company that says my account was short for taxes and I owe them (the old company) the money that the new company sent me 6 months before. Is it legal for the old company to demand money from me due to their mistake? Is there anything besides forking over the cash that I can do? Can I fight this?

 

[Tankerwife]

Just clarifying. Loan was sold. New servicer refunds money from your escrow account.

Fast forward six months later, old servicer says they reflect a shortage in your ecrow account and that you owe them money? Correct?

When a loan is transfered for servicing all escrow funds are transfered to the new servicer. The escrow account usually reflects any payments that should have been paid during the transfer.

The only thing I can think of is that the taxes were due about the time the loan was sold and the old company paid the bill.

I hate to tell you but that escrow surplus you received from the new company belongs in the "old" escrow account. Sorry.