What happens to mtg escrow on bankruptcy surrender

[busbis]

Sorry guys....
but I have another question (forgive me if its sounds stupid, but I'm learning). My husband & I are filling chp 13 and surrendering 2 properties. What happens once the property is surrendered to the esrow balance on these mortgages. I know this might be a silly question, but its about $5000 total and I wasn't sure who actually got it. I assume it will be the financial institution right?

[nc73]

Sorry guys....
but I have another question (forgive me if its sounds stupid, but I'm learning). My husband & I are filling chp 13 and surrendering 2 properties. What happens once the property is surrendered to the esrow balance on these mortgages. I know this might be a silly question, but its about $5000 total and I wasn't sure who actually got it. I assume it will be the financial institution right?

I think they'd have a good chance at getting it..of course what do i know..

[B12]

The escrow will be used to pay any outstanding prop taxes and insurance. The rest should be yours. That is why it is in "escrow" so no one can touch it but the parties involved.

I had same question and running it by lawyer. Will let you know if he says differently.

[Minnymouth]

My left over escrow, the Trustee seized.............income to him and his creditors..............

Good luck keeping it.............. or getting any of it back.....

[B12]

Lender can't touch the escrow. Only the two parites involved can, you and the entity that you are paying, tax collector, insurer, etc. Since in BK, the trustee is your "financial estate" the trustee is now YOU and can take the escrow as part of the estate.

If you have not filed yet, I would call the lender and see if there is a major overage of escrow and demand that it be returned. Better to get some back before the trustee claims it.