What happens to escrow $$?

What is the name of your state? pa

Do I get a check from my mortgage company for the amout of $$ I have in escrow with them (for taxes and insurance) when I sell my house? If not, what happens to that?

Thanks.

Usually at closing the closing papers will pro-rate the taxes and insurance to the date of the closing and that will be paid by your escrow account. If there is any money left over it will be paid to you. If there is a short-fall then the difference will be paid out of your profit from the sale, or out of your pocket if there is a loss.

cool, thanks.

[nextwife]

While SOME lenders will deduct the escrow funds from the payoff amount, most will leave it in escrow and then refund it to seller within 90 days of payoff. As stated, the amounts due to buyer are prorated out of seller proceeds.

[HomeGuru]

Originally Posted by nextwife

While SOME lenders will deduct the escrow funds from the payoff amount, most will leave it in escrow and then refund it to seller within 90 days of payoff. As stated, the amounts due to buyer are prorated out of seller proceeds.

**A: why 90 days?