{"id":196746,"date":"2023-12-15T15:29:02","date_gmt":"2023-12-15T15:29:02","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-happens-if-my-escrow-account-overpays-my-taxes\/"},"modified":"2023-12-15T15:29:02","modified_gmt":"2023-12-15T15:29:02","slug":"what-happens-if-my-escrow-account-overpays-my-taxes","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-happens-if-my-escrow-account-overpays-my-taxes\/","title":{"rendered":"What happens if my escrow account overpays my taxes?"},"content":{"rendered":"

Escrow accounts are a common feature of many mortgage agreements, especially for homeowners who have a mortgage with a down payment of less than 20%. One of the main purposes of an escrow account is to ensure that there are sufficient funds to cover property taxes and homeowners insurance. However, sometimes an escrow account may overpay taxes, leaving the homeowner wondering what happens next.<\/p>\n

When your escrow account overpays your taxes, the excess amount is typically refunded to you.<\/b> This refund can come in the form of a check sent to you by your mortgage servicer, or it may be applied as a credit towards your future mortgage payments. It’s important to remember that the excess funds in your escrow account belong to you, and you are entitled to receive them back.<\/p>\n

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