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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31789
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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We have PMI insurance on our Home Loan. We have not missed a

Customer Question

We have PMI insurance on our Home Loan. We have not missed a payment and have been paying $300 per month towards PMI. Apparently our mortgage company never disbursed that those funds accordingly and sent us escrow surplus checks each of the past 2 years. They now did a manual disbursement of $6,000.00 and are now trying to have us pay an additional escrow shortage of $300.00 per month. Do we have any recourse? Or are we obligated to pay that even though it was their error?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Roger replied 1 year ago.
Hi - my name is ***** ***** I'll be glad to assist.In all likelihood, you're going to have to pay this money over since your loan documents require it -- even though the bank made an error. However, you did recover the money paid, so there's been no real harm to you (since you got the money back).
Expert:  Roger replied 1 year ago.
Had your escrow money been misappropriated or erroneously turned over to a third party, etc., then you would have a claim.....but since the error resulted in the money being turned back over to you, it's likely going to be a wash.
Expert:  Roger replied 1 year ago.

Please let me know if you need anything further. Also, please take time to positively rate your conversation so I may receive credit for assisting. Thanks again!