Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Dodd-Frank Final Rules Discussions Mortgage Servicing Rules Foreclosure and negative escrow account
Thread Options
#1917061 - 04/23/14 09:46 PM Foreclosure and negative escrow account
sweltmer Offline
New Poster
sweltmer
Joined: Sep 2013
Posts: 2
KS
The bank is in foreclosure proceedings on a mortgage and the escrow account has a negative balance. If the bank makes a profit on the sale of the house, may we keep the amount owed on the escrow balance?
_________________________
I realized this week that I just cannot do it all. So I will choose to do what I can fabulously! ~Clinton Kelly

Return to Top
Mortgage Servicing Rules
#1917935 - 04/27/14 11:38 AM Re: Foreclosure and negative escrow account sweltmer
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 85,422
Galveston, TX
Typically banks can be made whole for all monies owed, but how you go about collecting is a question for your legal counsel. For example, did you include those amounts in your demand letter, etc.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1918543 - 04/29/14 06:36 PM Re: Foreclosure and negative escrow account sweltmer
sweltmer Offline
New Poster
sweltmer
Joined: Sep 2013
Posts: 2
KS
Thank you for your response! I am new to compliance and appreciate your input
_________________________
I realized this week that I just cannot do it all. So I will choose to do what I can fabulously! ~Clinton Kelly

Return to Top