How long does it take to get money back from escrow?

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asked Jun 20, 2018 in Real Estate - Renting by Tharwat (260 points)
How long does it take to get money back from escrow?

After paying off my mortgage how long does it take to get my money back that is in my escrow account?

1 Answer

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answered Jun 20, 2018 by Shelde (49,390 points)
After paying off the mortgage the bank should go over your paperwork within a day or so and look and see if you have any money left in escrow.

If you do have money in escrow after paying off the mortgage then the bank should send you the money back within 30 to 90 days.

It's a good idea to contact your bank after paying off the mortgage as it sometimes speeds things up and you want to contact the county appraisers office as well and make sure the property taxes are going to be sent to you instead of the bank because if you don't get the property tax bill and don't pay it for 3 years then your home can be foreclosed on and sold at a tax foreclosure auction.

Also make sure the home owners insurance is in your name only as well since if something happens to the house and the banks name is still on the home owners insurance you'll have a much harder and longer time of getting the insurance to cover the damages to the home.

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