Long story short:
I moved into brand new Townhome, so for the 1st year I was only being taxed on the land and not the structure*. Now, this tax season I received a notice from my Mortgage Co. saying I owe X amount to my Escrow Acc. (which I expected). They gave me the option of either paying the escrow in 1 full payment, or increasing my mortgage until the escrow balance is caught back up. After 5 months of paying double my mortgage payment I decided to pay the remaining escrow balance so that my mortgage payment will return to normal.
On the 18th I paid the escrow balance and my monthly mortgage payment over the phone. The guy said it would take 2-3 days to clear my account. Well, Ive been checking my account every day since the 18th and no money has been taken out. I just received next months mortgage statement and it shows my escrow balance is back to normal and my mortgage payment is back to normal. I just checked my account and still no payment have been removed from my account.
Im kind of like WTF...How did they receive payment w/o actually receiving the payment from my Bank.
I pretty sure they will catch their mistake sooner, or later, but a part of me is like damn what if they don't?
*If you don't know taxes on just the land is much cheaper than taxes on the structure.
I moved into brand new Townhome, so for the 1st year I was only being taxed on the land and not the structure*. Now, this tax season I received a notice from my Mortgage Co. saying I owe X amount to my Escrow Acc. (which I expected). They gave me the option of either paying the escrow in 1 full payment, or increasing my mortgage until the escrow balance is caught back up. After 5 months of paying double my mortgage payment I decided to pay the remaining escrow balance so that my mortgage payment will return to normal.
On the 18th I paid the escrow balance and my monthly mortgage payment over the phone. The guy said it would take 2-3 days to clear my account. Well, Ive been checking my account every day since the 18th and no money has been taken out. I just received next months mortgage statement and it shows my escrow balance is back to normal and my mortgage payment is back to normal. I just checked my account and still no payment have been removed from my account.
Im kind of like WTF...How did they receive payment w/o actually receiving the payment from my Bank.
I pretty sure they will catch their mistake sooner, or later, but a part of me is like damn what if they don't?
*If you don't know taxes on just the land is much cheaper than taxes on the structure.