How to change the escrow amount of my mortgage loan
I tried editing a mortgage account to update the escrow withdrawal amount, but that blew away all the other data in the account such that P&I payments were set to zero and the mortgage balance disappeared. Is this a bug or is there another way one is supposed to update the escrow payment in a mortgage account?
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Support Staff 1 Posted by Maddy on 06 Jun, 2023 03:23 PM
Hi Bill,
Thank you for contacting Moneydance support.
You should click on your loan account from the left Side Bar and navigate to Account->Edit Account. Adjust the Escrow there. The next payment reminder should then reflect the proper amount.
It might be useful referring you to this article Knowledge Base article for more information about 'Loan Account reminders'.
In conclusion, if you have a loan account in Moneydance, Splits of payments are only handled automatically if a reminder is created within the loan account. Moneydance cannot perform any calculations if you are just entering a transfer transaction in a bank account by entering the loan account as the category.
Lastly, can you select your loan account in the left side bar and navigate to Account->Edit? You should ensure the balance adjustment field is 0.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
--
Maddy, Infinite Kind Support
2 Posted by Bill Roe on 07 Jun, 2023 09:00 PM
Maddy,
That's exactly what I did, and when I entered in the new escrow amount, it screwed up everything in the loan account. The principal remaining on the loan went negative because the loan amount reset to zero, the principal payment reset to zero, the interest payment reset to zero. This is obviously a bug in the program.
Support Staff 3 Posted by Maddy on 12 Jun, 2023 01:05 PM
Can you select your loan account in the left side bar and navigate to Account->Edit?
You should ensure the balance adjustment field is 0.
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Maddy, Infinite Kind Support
4 Posted by Bill Roettker on 12 Jun, 2023 02:03 PM
That was the problem Maddy. I didn’t realize that the balance adjustment
field was prefilled with the original loan amount when that window opened
up. I think it would be better if it opened up with “0” in balance
adjustment.
Thanks for you help.
On Mon, Jun 12, 2023 at 7:04 AM Maddy <[email blocked]>
wrote:
Support Staff 5 Posted by Maddy on 12 Jun, 2023 02:10 PM
You are welcome!
I'm very pleased to hear that.
I'll close this discussion for now, but do not hesitate to contact us again, if you need further assistance.
--
Maddy, Infinite Kind Support
Maddy closed this discussion on 12 Jun, 2023 02:10 PM.