Today I received a substantial escrow overage refund check from my mortgage company. It is also reflected in my online statements, so it looks perfectly legit.
From what I understand, when I purchased the house, they estimated my taxes and insurance to by higher than they actually were. By their estimations for next year, my escrow account was $xx.xx over what it should be right now, so they sent it back to me. They also permanently dropped my payments by $17/mo.
Now, I've only been in this house a little over a year and a half. It seems odd to me to have a significant escrow overage already. What I'm concerned with is depositing this check, spending it on things like CC's and heat and such, and then coming to find out in a few months that they're looking for money back because my escrow is too low.
Anyone have this happen to them? What should one do in this case? I'm calling the mortgage company escrow department to ask them tomorrow.