Can I use this year escrow money to pay property taxes in recent years? I just bought a house in Feb. 7, and I sent a check for the second part of my property taxes of 07 (the "Company" paid first). The people have lost fiscal control, and has never cashed, so now I have to send another check. I have an escrow account for taxes to come and I have more than enough to cover taxes to come and I would take the money to pay these past years as well. Can I do this?
The lender requires you to put enough in the escrow account each month to have enough to pay for future tax bills. If monthly payments are excessive escrow, you can ask to reduce payments to escrow future, but usually they will not "return" of past payments.
You need to send a check in the amount - if they never cashed the first, you'd still have the money in your account. The additional receiver is for the following tax payments. If you've used, you'll end up short when the next payment is due.
Posted on June 25, 2010.
