Pre-Paid Property Mortgage Escrow Reimbursment I live in a high tax state and prepaid my first 2 quarters of property tax for 2018. I called up my mortgage company who charges me monthly for those taxes and holds it in escrow. I asked what would happen, if my monthly payment would go down. They said they would get proof of my payment from the town and would then provide a refund at the end of the quarter. In essence they will hold and gain interest on my money until they refund it.
What would happen if I simply deducted it myself each month and shorted them the money "due" each month? Would there be any repercussion since they will owe me the money anyway? |