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10

The likely outcome of adding extra money to your escrow account is that the bank will send you a check for excess funds at the end of the year (or whenever your property tax and insurance payments are processed). Could you just redeposit that money immediately? Possibly. I bet most banks wouldn't care and would just follow the routine of clearing the excess ...


7

The rules regarding interest on security deposits are a state or even local set of laws. For example for New York State: Landlords of buildings with six or more apartments must put all security deposits in New York bank accounts earning interest at the prevailing rate. Each tenant must be informed in writing of the bank’s name and address and the ...


5

I would say, yes this is out of the norm. If you don't trust the vendor don't use the vendor...


4

This is always the tricky part. You may find it easier to make the payment from your bank account, and then contact the current lender and tell them not to make the payment. The stopping of an escrow account, and starting one with the new lender is always messy. Know that in the end it all works out. If a double payment is made to the government, the new ...


2

Without looking at your mortgage paperwork, it's hard to know. Were I to guess, though, there are often expenses that appear both as prepaids and as escrows paid at closing in your closing documents in addition to being part of the regular escrow account. In other words, you're making an initial payment prior to closing, then make a payment as part of the ...


2

When the escrow account for the delayed repairs was setup the amount put in the account was determined based on the estimates. When the account was established the rules for accessing the funds should have been defined. I have seen these accounts where the item was cosmetic (as far as the bank was concerned) and it was very easy to access the funds. They ...


2

I got Wells Fargo to mail me a document outlining all the requirements for closing my escrow account. It turns out whoever I was speaking with on the phone was just wrong. The document stated as long as the house is my primary residence (it is), I only need to have an LTV ratio of 80% to close the escrow account. I called back and requested closing the ...


2

I would consider it normal for most venues to have easy-to-replicate websites and for many to have dodgy organisational ability. The 50% deposit does seem unusually high however. For example, the deposit on the venue for my wedding was 10%, and that came with a contract spelling out the date and responsibilities of both parties. As for the disorganisation, ...


1

I recently requested an off-schedule escrow analysis. We refinanced a house in August and the servicer got confused about when the home owner's insurance was due (in October). They refunded the "insurance" money to us in September. That combined with the fact that the insurance amount was different than what they expected, made me request the escrow analysis....


1

From The Motley Fool: Real estate: If you purchase real property under an unconditional contract, you begin counting on the day you received title to the property or the day after you took possession and assumed the incidents of ownership, whichever is earlier. Taking delivery or possession of real property under an option to purchase, however, is ...


1

The earnest money deposit generally is not delivered with the offer. This generally isn't done because you may find out that your offer is going to be rejected immediately. You may have decided to make an offer under their stated selling price, you may have added a condition they are unwilling to meet. There is also the situation where other parties have ...


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