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#1791713 - 03/05/13 10:22 PM Re: New to Escrow/Impounds-Taxes paid with closing Tarhe
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,395
It took me a couple of reads, but I think I understand what you're asking.

On page 1 you're taking a proration from the seller and giving it to the buyer to offset the days of 2013 that the seller owned the property, correct?

Then no, the proration on page 1 should NOT be figured into the escrow deposit. You still need to take the proper amount from the borrower to set up the account.

You might consider lowering the loan amount so the borrower doesn't get cash back due to the proration.

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#1791717 - 03/05/13 10:28 PM Re: New to Escrow/Impounds-Taxes paid with closing Tarhe
Tigg Offline
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Tigg
Joined: Jan 2008
Posts: 6,389
Looking for My Happy Place....
Yes - that's exactly what I was trying to find out. The amount financed should be lowered to reflect the sellers proration.

Sorry you had to read my question more than once.

Thanks TR!
_________________________
What would you do if you knew you could not fail? ~ Dr. R Schuller

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#1791741 - 03/05/13 11:06 PM Re: New to Escrow/Impounds-Taxes paid with closing Tigg
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,395
Originally Posted By: Tigg
Sorry you had to read my question more than once.
Not to worry. I'm working on leaving work at work so when I read these from home, it takes a bit to wake up the work brain. crazy

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