Legal Question in Real Estate Law in Florida
improper collection of funds
Last year the Mortgage Co. sent us a financial analysis form to fill out. The new forbearance agreement they sent stated that we were responsible for paying our hazard ins., which in the past was taken out of an escrow account. We paid our hazard ins. last year and thought nothing of it, till the end of the year when they sent us our yearly statement of account. In the statement it showed that they still had $450.00 in the escrow account. When we called the Mortgage Co. about the overage in the escrow account we were told that it was for our hazard ins. When we told them that we had paid it as stated in the agreement, they told us that we should have had the bill sent to them. That's what the escrow money is for.
When I asked them to refund the escrow overpayment they told us, no, we are going to keep the money and apply it to the back payments.
Today I received my forbearance agreement for the next twelve months, and it too says I have to pay my hazard insurance, while the same amount of money is being taken out for the escrow as last year.
Is it legal for them to tell me I have to pay my Ins. So that they can keep the escrow money they take for it?
1 Answer from Attorneys
Re: improper collection of funds
It seems that there is a language barrier. Try speaking with a senior person at the mtg. company. The result should be that your escrow will be used for the payment, but you have to refill the account with your monthly payments. If you make no headway, then seek assistance of counsel. If you are in my locale, call me at 305-940-8080
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