Questions tagged [escrow]
The escrow tag has no usage guidance.
22
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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 ...
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2
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1
answer
251
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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
1
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2
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115
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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 ...
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1
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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 ...
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1
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6k
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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 ...
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2
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566
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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 ...
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13
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3
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5k
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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 ...
- 529
2
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1
answer
58
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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 ...
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9
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6k
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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 ...
- 339
2
votes
1
answer
218
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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 ...
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1
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1
answer
323
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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 ...
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108
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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.
...
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1
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1
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138
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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.
...
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1
vote
3
answers
877
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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
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0
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27
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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 ...
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2
votes
0
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679
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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
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1
answer
1k
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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 ...
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2
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1
answer
548
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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
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0
answers
37
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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 ...
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1
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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 ...
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8
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2
answers
840
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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 ...
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1
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2k
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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 ...
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