jIM wrote:

- quote -

I believe it to be two months worth of taxes (i.e. 1/6 of the annual tax
bill) as the minimum targeted lowest balance. This is the most they can
request. Your mort documents should spell it out.
I recall that despite steady tax bills, the bank alternately sent me a
refund, and upped my escrow. More annoying than anything, I suppose.
JOE

We have an escrow account with our mortgage (new house built/
purchased in 2006). We were told at time of closing that it takes ~18
months for an escrow account to be "working". They have to "estimate"
taxes at closing and we now have our first tax bill 13 months after
moving in.

In November (11 months after closing) we received an $1100 check from
our escrow account for overpayment.

In checking the account online today there is a $900 deficit in the
escrow account. I know from the amount we contribute and the amount
of taxes that this deficit will grow bigger (only half the property
taxes are contributed to this each year).

Anyone know what the rules are regarding these accounts (how much can
the current balance be)?

Links or other appreciated. Thank You.

jIM