Real Estate Taxes w/ Mortgage Payments

When we purchased our house they used the true real estate taxes for setting our monthly payments. With STAR the actual amount due is less. What happens to that extra money? When do I get it back?

Message edited 11/13/2013 12:26:46 PM.

Real Estate Taxes w/ Mortgage Payments

your morgagte company will do a review of your escrow account at some point and will then refund you the money and then readjust your payments. I think every bank does a review at one point of the year just dont know when

Re: Real Estate Taxes w/ Mortgage Payments

the mortgage company will review the account each year around the time of your anniversary. For us, we closed in October, so we get the new escrow statement in October and the new payment amount starts in December (when our first mortgage payment was due).

You can request that they do it sooner, but they are not required to.

Real Estate Taxes w/ Mortgage Payments

We got a refund check eventually

Re: Real Estate Taxes w/ Mortgage Payments

I think they are required to issue a refund if it's over a certain amount. Anything under that amount gets applied to next year's escrow.

Re: Real Estate Taxes w/ Mortgage Payments

THey review it each year. We have rec'd large checks back (first year and the year we grieved our taxes) we have been told we just have a few hundred and so it is kept in the escrow acct, we have also been told our escrow acct has fallen short but never enough to been asked ot pay extra.

Then they will adjust your pmt the following year accordingly.