Tax escrow release check??

Question

We closed on a house on 5/02/08. FHA loan so we are paying our monthly taxes with our mortgage payment. I received a check in the mail today from the title company for $1,320.00 that states its a tax escrow release. Is this our money or do we owe it to someone since we are not paying our taxes in a lump sum but to the bank with our monthly payment? Any help would be appreciated!!

Answer 1

You could call them and ask, but it sounds like this is an overpayment and they're sending it back to you - if so, then yes it's yours to spend.

Answer 2

They overestimated how much they needed and are sending you the overpayment.