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Second opinion] I need to know what the rules and

Customer Question
Second opinion] I need...

Second opinion] I need to know what the rules and regulations are for a private mortgage escrow account. My mother in law holds my mortgage and I pay her money to an escrow account each month. In 18 years she has never disclosed to me how much money is in my escrow account. I have asked her several times to report to me at least once a year at the end of every year. She has ignored my request. Then, I wrote to her in writing requesting a copy of the actual bank statement at the end of each year. Every year I am way ahead paying her escrow money - but she is very quick to ask for more each month every year in case the taxes and insurance bills go up for the next year. I have recently learned that as of November this year - as all tax and insurance bills have been paid, that my account still has a balance of $22,000.00 in it. How much is she allowed to hold ahead in a private escrow account. Plus, what are the rules for a private escrow account. Does she have to report to me at least once a year? She also only gives me a handwritten amount that is in the account. She refuses to disclose an actual bank account statement to me. My husband said she has the money in a personal account in her name. Should this escrow account money be in a personal account with her name on it or does it need to have my name on it too because it is my money. Or does the escrow account have to be in my business name.... because my business is what is paying her the money every month. This is a tangled web because this is my mother in law and I am demanding reporting on my escrow account with her. And I don't want to see her handwritten dollar amounts. I want actual bank statements. What am I entitled to. My husband says because it is a private mortgage my mother in law doesn't have to follow any rules and report back to me.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New York.

Lawyer's Assistant: Has any paperwork been filed?

I am beside myself with this deal. My mother in law has held my mortgage for the last 18 years. I have always paid her ahead with enough money every month to cover all of the tax and insurance bills for the year. She seems to have no respect for the fact that I want a reconciliation - just once a friggin year at the end of every year. Not a hand written balance from her. An actual bank statement.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That's it for right now.

Submitted: 2 months ago.Category: Real Estate Law
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Answered in 2 hours by:
12/12/2017
Real Estate Lawyer: Barrister, Lawyer replied 2 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,077
Experience: 17 years real estate, Realtor. Landlord 26 years
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Real Estate Lawyer: Irwin Law, Lawyer replied 2 months ago
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,505
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
Verified

Your mother-in-law is not subject to any federal or state regulations concerning escrow accounts. Those only affect commercial lenders and banks. Your situation is governed by the precise language of the mortgage document itself. If there is an accounting requirement, it will have to be stated in the mortgage. It seems unlikely that you would be paying enough over and above the necessary principal, interest, taxes and insurance, for there to be a large accumulation in an escrow account. Is it possible that mother-in-law is not drawing out money from the escrow account to pay taxes and insurance, and is in fact paying them out of other funds. That would let the account accumulate money that actually belongs to her. Actually, if you have your tax and insurance bills for the last 4-6 years few years, and you know how much you pay for every month, it would not be difficult to audit your account yourself and determine how much money you overpaid her during those years. If you want to know more about how to do this, I can offer you a telephone consultation. Just let me know. Without knowing the precise details that's all I can tell you about your situation.

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Customer reply replied 2 months ago
you are telling me she has no rules or guidelines and can have the account set up excluding my name on the money and also does not have to report to me at least once a year on this escrow account?? So I just keep giving her money every month and let her control my money?? I have no rights at all with this??
Real Estate Lawyer: Irwin Law, Lawyer replied 2 months ago

No, you do have rights. You can sue her for an accounting of all the funds that you have paid her. That would determine whether or not you have been overpaying your account. if so, the court will award you a judgment against her for that amount. You can probably go back the number of years of the statute of limitations on contract suits in your state which is six years.

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Irwin Law
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,505
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Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.

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