Comments for What is an Escrow Account?

What is an Escrow Account?

2011-01-10T19:16:39Z

Escrow Accounts are established by a lender for the collection and payment of real estate taxes, homeowners insurance and mortgage insurance. Escrow funds are collected as a part of the homeowner's total monthly payment and disbursed by the lender as tax and/or insurance bills are received.

Escrow Accounts are reviewed annually by the lender to ensure sufficient funds are collected to meet all anticipated disbursements. The amount collected for the escrow account will adjust up or down to accommodate increases or decreases in the taxes and/or insurance premium. If during the annual review, the lender finds that there is more money than what is needed in escrow, and the amount is greater than $50, a refund of the overpayment will be sent to the homeowner. If there is a shortage of funds in escrow, the homeowner's monthly payment for escrow will be adjusted to collect for both the escrow shortage and the increased amount needed for new tax and/or insurance payments.

Comment from carolyn marshall on 2012-03-19

2012-03-19T18:39:58Z

Hi Steve. Since I wasn't sure what you wanted to fax, I included a couple fax numbers below. Please be sure to include your loan number on each page of your fax.

- Existing Escrowed Account: U.S. (817) 826-1183 / Puerto Rico (817) 826-1878

- Existing Non-Escrowed Account: (817) 826-1258

You might check out my post, "Citi wants to hear from you" (URL: http://blog.citimortgage.com/2012/01/citi-wants-to-hear-from-you.html) for additional contact numbers.

Comment from carolyn marshall on 2012-03-19

2012-03-19T18:10:45Z

Rita, I understand that you are frustrated.Your information was sent to a manager for direct response to you. Shelley emailed you with her direct contact information and is awaiting your reply. We value your business and appreciate the opportunity to serve you.

Comment from Steve Snyder on 2012-03-14

2012-03-14T23:08:22Z

What is the fax number to the escrow department?

Comment from carolyn marshall on 2012-03-02

2012-03-02T16:13:06Z

Lonnie, I have forwarded your information to our escrow department and asked that they contact you directly to address your question. Thank you for your post; we appreciate the opportunity to serve you.

Comment from Rita on 2012-02-24

2012-02-24T17:04:43Z

Hi, I canceled my Escrow in Oct. 2011 with CITI and got a refund, which is exactly the difference between my escrow payments and property taxes Citi paid on my behalf. But there has been an addtional charge on my statement. I have made phonecalls to customer service and sent faxes to provide accounty history to proof that I don't own it to Citi and asked for removing the charge from my account. None of the people I talked with could give me a clear explaination why I own that to Citi but they cannot remove it. Is there another group specialized in Escrow at Citi I could contact regarding this issue? It's been a few months now. I am getting really frustrated. Thanks for your help in advance.

Comment from Lonnie Willis on 2012-02-13

2012-02-13T23:28:29Z

Hello, I'm Tax exempt (100% Disabled Veteran) property taxes were taken, when will I be rembursed the over payment

Comment from Lonnie Willis on 2012-02-13

2012-02-13T23:25:20Z

Hello, I'm Tax exempt (100% Disabled Veteran) property taxes were taken, when will I be rembursed the over payment

Comment from carolyn marshall on 2012-01-11

2012-01-11T17:36:48Z

Tom, thank you for the post. Unfortunately, there is not a blanket answer I can post on this subject. I forwarded your comment and email address to one of our managers, and understand someone is now working with you to remove your escrow account. Thank you for contacting us.

Comment from Tom Weir on 2011-12-24

2011-12-24T13:25:32Z

I'd like to do the same, cancel my escrow payments and pay insurance and taxes myself. I did not see a post answering Vanessa's 3 month old question.

Comment from carolyn marshall on 2011-11-21

2011-11-21T20:36:39Z

Hi Celeste. I don't have the ability to look up the account, so I forwarded your email and comment to our Customer Service department. They sent an email to you to get some additional information.

Comment from celeste on 2011-11-11

2011-11-11T18:00:58Z

I have paid my loan off through selling my home. I now have money, in an account from a document I signed at closing. would that be money I left in escrow and how much would that amount be. It's been 6 years and they citimortgage group, don't know the digits or how much I am entitle to. What would that account be in?

Comment from carolyn marshall on 2011-10-31

2011-10-31T20:28:01Z

Hi, Vanessa, thank you for your question. I've forwarded it to someone who can give you the answer.

Comment from Vanessa Cruz on 2011-09-22

2011-09-22T15:08:57Z

I would like to cancel my escrow and pay the insurance and taxes on my own. How can one go about doing this without refinancing?