We have an escrow account with our mortgage (new house built/ purchased in 2006). We were told at time of closing that it takes ~18 months for an escrow account to be "working". They have to "estimate" taxes at closing and we now have our first tax bill 13 months after moving in.
In November (11 months after closing) we received an $1100 check from our escrow account for overpayment.
In checking the account online today there is a $900 deficit in the escrow account. I know from the amount we contribute and the amount of taxes that this deficit will grow bigger (only half the property taxes are contributed to this each year).
Anyone know what the rules are regarding these accounts (how much can the current balance be)?
Links or other appreciated. Thank You.
jIM