Simple real estate question

[The Old Jaybird]

So you're worried about the lost earnings on $600? Just assume the $36 you would have made is part of the investment cost in your real estate holdings. You've done pretty well on it.

no, I just don't want those bastidiges at Wells Fargo overcharging me, and making money with my money.

I called the Barrow tax office this morning and while they couldn't give me the exact taxes for 2025 because the millage isn't set until September, they said my taxes will be less than $1000 for 2025, while WF is escrowing based on the $1600 paid last year.

 

[The Old Jaybird]

Absolutely!! I made out well when I sold my first home. I've found real estate to be a great investment

I still own both houses, I didn't sell the first house when we moved into #2.

 

[fast306stang]

The escrow has to hold enough to pay the amounts that get paid out of it, plus a bit of surplus. I don't know if the surplus is a percentage or what, so the $600 could be for that. Also, if you wind up with too much money in escrow, they'll also lower your house payment the next year.

There are other factors that can change that...for example, I changed insurance policies and I kept the refund from the one I cancelled. I didn't send the check to be deposited back into escrow. So the new policy got paid out of escrow as well, causing a shortage. So the next year, my payment went up. I knew that was going to happen and I was prepared.

 

[The Old Jaybird]

UPDATE.......

Never underestimate the power of a cranky old man with a telephone.

Called WF just now, they are going to remove the escrow portion of the monthly mortgage payment, refund the current escrow account balance and send a revised billing for the month of July going forward.

It pays....literally in this case....to bitch.

 

[GeauxLSU]

no, I just don't want those bastidiges at Wells Fargo overcharging me, and making money with my money.

I get it. Ticks me off worse when I get a tax refund.

 

[basstracker89]

I still own both houses, I didn't sell the first house when we moved into #2.

Good for you. What do you do with the first house?

 

[basstracker89]

UPDATE.......

Never underestimate the power of a cranky old man with a telephone.

Called WF just now, they are going to remove the escrow portion of the monthly mortgage payment, refund the current escrow account balance and send a revised billing for the month of July going forward.

It pays....literally in this case....to bitch.

That was easy enough

 

[The Old Jaybird]

Good for you. What do you do with the first house?

it is in Lawrenceville and my son and wife live in it. I didn't "need" to sell it, wife and I wanted a ranch for retirement, outside of Gwinnett, so moved to Barrow in late 2013.

 

[basstracker89]

it is in Lawrenceville and my son and wife live in it. I didn't "need" to sell it, wife and I wanted a ranch for retirement, outside of Gwinnett, so moved to Barrow in late 2013.

I hope they take good care of it. I wouldn't have minded keeping my old home, but we couldn't swing what I was trying to do