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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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If your taxes are paid through your mortgage - what happens when you apply for star?
Do you get a credit back from the escrow balance?
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Posted 11/18/10 12:07 PM  |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: If your taxes are paid through your mortgage - what happens when you apply for star?
it just kicked in for me and my mortgage amount was changed to reflect the deduction.
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| Posted 11/18/10 12:18 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: If your taxes are paid through your mortgage - what happens when you apply for star?
You probably won't get anything back. They will hold it in escrow and they will just use that money towards any tax increases.
The only way you will see a credit is if they grossly overestimated your taxes and your escrow account gets too large. Then I believe legally they have to refund you.
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| Posted 11/18/10 12:27 PM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: If your taxes are paid through your mortgage - what happens when you apply for star?
If it's a large amount they will refund you.
They over estimated our escrow amoung when we closed and we ended up getting a $1000 check back after a year.
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| Posted 11/18/10 12:45 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: If your taxes are paid through your mortgage - what happens when you apply for star?
last year we got about 1K this year we got back about 900K we paid 100% of the taxes at closing (one year this saturday) and they still had the old star on file so we got that and then this year we had our filed and with the increase we got $100 less.
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| Posted 11/18/10 1:14 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: If your taxes are paid through your mortgage - what happens when you apply for star?
do you have to tell the mortgage company your taxes were reduced? or do they just know?
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| Posted 11/18/10 2:21 PM |
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tray831
Dee-licious!
Member since 3/06 5355 total posts
Name:
His Baby
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Re: If your taxes are paid through your mortgage - what happens when you apply for star?
Posted by HeatherRose
do you have to tell the mortgage company your taxes were reduced? or do they just know?
I believe your mortgage company gets copies sent to them of your tax statements.
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| Posted 11/18/10 3:04 PM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: If your taxes are paid through your mortgage - what happens when you apply for star?
Posted by HeatherRose
do you have to tell the mortgage company your taxes were reduced? or do they just know?
they just know... they get some sort of communication!
If you have a surplus in your escrow over a certain amount, they will send you a check (happened to us last year). if you have a shortage your payment will go up and they may also ask for an up front payment and/or that payment spread over the year (this happened to us this year )
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| Posted 11/18/10 5:19 PM |
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