Questions tagged [escrow]
The escrow tag has no usage guidance.
23 questions
13
votes
2
answers
4k
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Why would an escrow/title company not accept ACH payments?
I've recently entered into the escrow relationship for a home purchase and I'm seeing the following language show up in an email.
Please do NOT send an Electronic "ACH" transfer, as our ...
- 1,781
0
votes
1
answer
137
views
Mortgage insurance provider cancelled insurance without notice, Bank does not refund even though I had no coverage
I pay my insurance monthly with my mortgage payment. On the anniversary date my policy did not renew because they stopped offering coverage in my state. I received no notice until 5 months later when ...
- 1
2
votes
1
answer
282
views
Does indivitual investor get protected by Deposit Guarantee Scheme if the money has been transfered into a collective escrow account?
Some brokers like trade republic are advertising the investor's deposit is protected under Deposit Guarantee Scheme. But in the same time it keeps mentioning that the deposit is actually in a ...
- 123
2
votes
2
answers
159
views
Home in escrow but decide not to buy
I am in escrow on a home that I planned to buy with another person. I planned to pay 3/4 of the price in cash and he got a loan for 1/4 the price of the home. Since entering escrow we no longer are a ...
- 21
3
votes
1
answer
5k
views
Mortgage escrow and insurance premium refund
I live in Florida. Two months ago my mortgage company sent payment (almost $5K) to my previous home insurance for auto-renewal. I found another insurance company to cover my home for far less and ...
- 131
4
votes
1
answer
7k
views
The bank that owns my mortgage inexplicably increased my escrow payment by about $900. What can I do?
I bought my first home last summer, and since then my mortgage has changed hands several times. Most recently, the bank that owned it was acquired by another institution about four months ago.
Since ...
- 51
1
vote
2
answers
652
views
Special Assessment as capital improvement while selling condo
I'm selling my primary residence (which I previously rented for two years) and I'm trying to avoid unnecessary recapture on the depreciation. The exact details of my situation are as follows (numbers ...
- 11
14
votes
3
answers
5k
views
Why do escrow services use wire transfer?
Escrow services seem to typically require earnest money funds to be deposited via wire transfer. These days the wire transfer instructions will be surrounded by 50-point bold red text warning you that ...
- 539
2
votes
1
answer
61
views
Tax and managerial implications surrounding professional service retainers
I am a software engineer that has several clients that need me to do simple ad hoc tasks throughout the year for various projects. I have began considering setting up a retainer-based service for them ...
- 383
19
votes
9
answers
6k
views
What is an escrow and how does it work? Practical example
I cannot understand the concept of escrow.
Wikipedia provides the following example:
Escrow generally refers to money held by a third party on behalf of
transacting parties. It is mostly used ...
- 349
2
votes
1
answer
257
views
Is it normal to delay initial payment on home insurance by escrow/mortgage company?
A few years ago, I bought a home. The mortgage company had( have) the escrow. One thing that bothered me, is that the mortgage company is supposed to pay the Home Insurance and the amount was deduced ...
- 1,026
1
vote
1
answer
340
views
Interest accrued on $2600 security deposit for 5 years
I paid a $2600 security deposit. We were there 5 years. What should my deposit have earned in interest in NY?This particular landlord never gave us any information on an escrow account. He owns ...
- 11
1
vote
1
answer
112
views
Escrow for postponed work
I am a first time home owner.
I have a traditional 30yr mortgage with an escrow agreement for postponed repairs due to weather. The seller was required to get 2 estimates for the work to be done.
...
- 193
1
vote
1
answer
161
views
Mortgage company refuses to send an early payment from Escrow account for the Quarterly Property Tax payment
I'm in the middle of refinancing a Mortgage. The lender looked up the title and said that there's a property tax payment due in the next few weeks on the Title and they want to see a proof of payment.
...
- 582
1
vote
3
answers
900
views
Is it normal to want to use an escrow service to hold a wedding venue deposit?
I'll keep it as concise as possible. My fiancee and I have been planning on a particular date at a venue, it's about 2500 miles away from where we currently live (she's from there originally). It's ...
- 121
0
votes
0
answers
28
views
what IRS form do you fill out for multi-year disability payments?
I received a multi-year disability payment from OPM relating to a whistleblower case, and they're saying that I recieved about 75000 for being a disabled federal employee, when it's 5 years of ...
- 101
2
votes
0
answers
699
views
Escrow sent money to wrong account
I signed up for a HELOC, but the terms for me being approved for the HELOC required me to use the full balance to pay down part of my mortgage. The bank worked with an escrow company to ensure that ...
- 131
5
votes
1
answer
2k
views
Loan-to-value (LTV) ratio of 65% to remove escrow?
I just got off the phone with Wells Fargo to try to close my escrow account on my mortgage (prefer to just manage taxes & insurance myself).
I'm currently at an LTV of 75%, and after doing some ...
- 788
2
votes
1
answer
583
views
how to compute holding period on real estate
For the purposes of computing long term versus short term capital gains tax treatment, when does the holding period for real estate end?
I can think of several options:
At execution of the purchase ...
3
votes
0
answers
40
views
USA tax treatment of additional gain from an escrowed sale
In 2016, a privately-held company in which I owned shares was partially (irrelevant, I think) bought out by a private equity firm. We paid capital gains tax on the amount received in 2016 (minus that ...
- 1,811
0
votes
1
answer
6k
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How to write an earnest money check for a written real estate offer?
If I make a written offer complete with terms to buy a piece of real estate, there is the problem of how to draft the earnest money deposit.
In previous purchases of real estate I have made, what ...
- 9,805
8
votes
2
answers
844
views
Should we park our money in our escrow account?
We want to figure out the best place to park our money in the next 1-5 years to save for a bigger place.
Our escrow account that is linked to our mortgage is a checking account that has a 1% interest ...
- 81
1
vote
1
answer
2k
views
Are there disadvantages to requesting off-schedule/early escrow analysis?
My property tax was cut in half due to a homestead exemption and I asked my bank if I could request to have an escrow analysis now and not have to wait until January to receive my new lower payment ...
- 454