#41826, "RE: Oh happy day!!!! Bank Error" In response to Reply # 0
Originally posted by 95_ESi_Person Seriously, error in my favor. The escrow for my mortgage was set too high, nice check in the mail. Of course it's going toward the car! Has this happened to anybody else?
#41827, "RE: Oh happy day!!!! Bank Error" In response to Reply # 1
Actually it's not terribly uncommon. The bank usually estimates on the high side when doing the paperwork because they rarely have the exact rates and then refund you back the difference when they get the proper rates. I had it happen when I had the townhouse.
Erik P. Official 2GNT thread Hijacker Some say that he's driven over more Covenant than he's shot, and that his grenades aren't where you'd expect them to be... All we know is, He's not The Stig... But he is The Stig's Spartan cousin!
#41857, "RE: Oh happy day!!!! Bank Error" In response to Reply # 3
In MI it's bad. If you miss the dead line of March something(i think) you can't claim "homestead" taxes until the next March. So for the first year you pay non-homestead taxes out of your escrow, then the next year you pay homestead taxes but you are depositing non-homestead into your account. Then what usually happens is the bank hyper adjusts the escrow amount because you have such an excess that the next year is ok, but the year after that you have a big deficit, so they have to adjust it again. This whole time the state county or township raises the mileage rate on you a few times. In a worst case scenario it take about 4 to 5 years to get a good balance. I ran into that with citi group (aka shitty group). Now I have Met Home mortages...they seem to be on top of things better.
#41858, "RE: Oh happy day!!!! Bank Error" In response to Reply # 4
Happens all the time. Better to over-estimate your escrow fees and issue a refund than to come chase you down if they collected too little during the year.
It's your own money you're getting back anyway. It's not like you got a bonus.
#41869, "RE: Oh happy day!!!! Bank Error" In response to Reply # 6 Oct-06-09 10:29 AM by micyek
Originally posted by djtrickee
Originally posted by azdave It's your own money you're getting back anyway. It's not like you got a bonus.
Lol, basic math for the win!
The only problem I have with it is, why should the bank have my money tied up and earning interest for them, when it could be working for me? Sure it's my money...but it's like loaning to your brother, you'll get it back but you only get a "thank you man" in return.
#41889, "RE: Oh happy day!!!! Bank Error" In response to Reply # 7
Originally posted by micyek
Originally posted by djtrickee
Originally posted by azdave It's your own money you're getting back anyway. It's not like you got a bonus.
Lol, basic math for the win!
The only problem I have with it is, why should the bank have my money tied up and earning interest for them, when it could be working for me? Sure it's my money...but it's like loaning to your brother, you'll get it back but you only get a "thank you man" in return.
Just like your tax refund with the Gubment.
Erik P. Official 2GNT thread Hijacker Some say that he's driven over more Covenant than he's shot, and that his grenades aren't where you'd expect them to be... All we know is, He's not The Stig... But he is The Stig's Spartan cousin!
#41939, "RE: Oh happy day!!!! Bank Error" In response to Reply # 8
i got my reenlistment bonus
later
2GNT #1865 2006 Yamaha YZF R6 (Blue/Black) 2005 Honda CBR 600 RR (Blue REPSOL) 2003 BMW 325I Premium/Sport Package 2003 Honda CBR 600 RR (sold) 1998 Mitsubishi Eclipse RS (sold) Shuwa's links: http://www.facebook.com/Shuwa29 http://s16.photobucket.com/albums/b50/shuwa29/ DarkOne> but we all have that inner ricer that is just dying to come out sometimes...
#42069, "RE: Oh happy day!!!! Bank Error" In response to Reply # 7
Originally posted by micyek The only problem I have with it is, why should the bank have my money tied up and earning interest for them, when it could be working for me? Sure it's my money...but it's like loaning to your brother, you'll get it back but you only get a "thank you man" in return.
Why not just take escrow out of your loan, pay yourself monthly, pay your taxes when they're due, and collect interest on your own money?
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#42071, "RE: Oh happy day!!!! Bank Error" In response to Reply # 10 Oct-19-09 12:21 PM by micyek
Originally posted by cougar694u
Originally posted by micyek The only problem I have with it is, why should the bank have my money tied up and earning interest for them, when it could be working for me? Sure it's my money...but it's like loaning to your brother, you'll get it back but you only get a "thank you man" in return.
Why not just take escrow out of your loan, pay yourself monthly, pay your taxes when they're due, and collect interest on your own money?
I'd love to. But we don't have 20% equity built up yet, so we are required to have an escrow account. We are lucky that we are not upside down on the loan, our particular location seems to have held it's value ok during this recession.
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