My mortgage account has an escrow overage of $13,125, Am I entitled to a refund, or can they retain it?

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I was previously behind on my mortgage, and was allowed to do a loan modification to become current. I sent in a 3,300 down payment to be set up on a loan modification. Now I have a new 30 year fixed rate mortgage, and $ 13,125 in the escrow account.

2 Comments
  1. Reply
    kbbcoop
    February 22, 2011 at 4:51 pm

    pretty sure you can ask for a check as long as prop. taxes and insurance is paid up.

  2. Reply
    LoanModxPert
    February 22, 2011 at 5:18 pm

    You definitely are intitled to your money. An escrow account is your choice. They usually want something in writing though; just in case you don’t pay; it’s not their fault. You also do want to make sure the money didn’t have any bearing on the loan mod.

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