Escrow Account Overage?
I purchased my first house this past September and have since been paying into my escrow account the amount required to cover my homeowners insurance and what my bank has estimated my yearly taxes to be. I knew at the time of closing that the bank was making their best estimate at what my taxes would be, and was also told that my escrow would be readjusted once the bank received my actually tax information. However, I did not realize until recently (when I procured a copy of my tax bill) that the bank has overestimated my taxes by nearly $ 2750 for the year. I don’t mind playing it safe and overpaying into my escrow to guard against future tax and/or insurance rate increases, but $ 230/month seems a bit excessive to me. Therefore, I suppose my question is 3 pronged:
A.) Shouldn’t the bank have noticed and adjusted this payment (it’s been 7 months)?
B.) How can I get my bank to adjust this payment now?
C.) Is there a way to request a partial refund of the escrow overage (I would like to keep an additional $ 1k in my account for any unexpected increases)