What happens to the money in the escrow account after foreclosure?
June 26th, 2010
My husband recently past and I am unable to keep our family home. I was wondering what happens to the extra money left in my escrow account after foreclosure and after all my taxes and insurance have been paid? Any help will be appreciated.
thank you
My escrow account has $2,690 in it as of today. I have always had extra money in that account. All of my taxes and insurance have already been paid as well. This is just a surplus amount. Thanks
There is no "extra" money in a foreclosure because you are behind in payments.
It will be applied to all the other expenses…you signed a paper at closing saying the bank has the right to keep any money left over if you default and owe on your mortgage after your taxes and insurance are paid.
In fact, your escrow is probably in the negative since you haven’t been paying on your mortgage.
June 26th, 2010 at 2:28 pm
There is no "extra" money in a foreclosure because you are behind in payments.
It will be applied to all the other expenses…you signed a paper at closing saying the bank has the right to keep any money left over if you default and owe on your mortgage after your taxes and insurance are paid.
In fact, your escrow is probably in the negative since you haven’t been paying on your mortgage.
References :
June 26th, 2010 at 2:34 pm
http://foreclosuremortgageoptions.com/ has a lot of good information on everything about how to protect your house from becoming foreclosed, foreclosure laws, and how to buy houses on foreclosure auctions.
References :
http://foreclosuremortgageoptions.com/