MORTGAGE ESCROWS AFTER CLOSING

What happens to escrows, or monies held by the mortgage company for insurance and taxes after a closing when the property is sold?  Mortgage escrows are funds paid by the borrower when making their monthly  mortgage payment, for the payment of insurance and taxes on the yearly anniversary dates.  These monies belong to the homeowner or borrower and are held in reserve until the bank pays them.

Once a real estate closing takes place and the mortgage is paid off, what happens to those monies?  The bank is not paying taxes or insurance and therefore, the monies will not be paid to any third party company.

The monies advanced for escrows are then required to be returned by the lender, within a date certain. Borrowers are urged to advise their mortgage companies of their correct addresses so that the checks reach them once issued and mailed.  The bank will not wire the funds or send the checks certified mail. Therefore, it is the responsibility of the homeowner to make sure the bank has their correct address.

Acting as title agents and representing our sellers in transaction, we go beyond regular routine closing services and after closing, our team at the Law Offices of Jacqueline Salcines, PA makes sure that they monies are received by the seller borrower.  “Until that check is received, we do not close out our file.”

At the Law Offices of Jacqueline A. Salcines, P.A. we have been assisting buyers and sellers, with their real estate needs since 1999.  We are a full service title company and extremely knowledgeable in FIRPTA rules and regulations.

Whether you are buying, selling or refinancing, we will handle all of the details and represent you from contract to closing.

Practice Areas

• Real Estate Closings
• Title Insurance
• Contract Law
• Real Estate Litigation
• Short Sales
• Debt Settlements
• Negotiations