Legal Question in Real Estate Law in North Carolina
My question is concerning real estate and escrow accounts. Our mortgage company has forced an escrow account on us despite the fact we provide our own insurance and property taxes. They claim we did not have insurance for a period of time. This is incorrect, it lapsed for one month and was reinstated the following month. The mortgage company is charging us $534/month inescrow and it is now at 6500 in less than a year. Their insurance policy is only 2000/year and our taxes are 800/yr.
My question is can they charge that much in escrow? isn't there a limit on how much they can charge and anything over paid is suppose to be applied to the principle correct?
1 Answer from Attorneys
If your fats are correct, they can't charge you that much. Also $2,000 a year for insurance seems really high although I don't know any ofthe details. You may want to shop around.
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