ask expert about refinance interest? thank you in advance!
We had refinance closed on 8/26/2010, and new loan set up on 8/31/2010 because of the three day window policy. I paid the interest to the old bank for a full August, and also 1-day interest for new bank (8/31/2010). All the money went to escow company.
Now the question comes. For the new bank, I checked with them, they didn't receive this 1-day interest even the new loan set up on 8/31/2010. I am not sure why they didn't recevie this 1-day interest. Then I checked with escow company, asked them where this 1-day interest went, and they said the new bank took it. Then I asked them the evidence that escow sent the 1-day interest to new bank, and they refused to answer me. No email, no phone ever.
I was just curious where this 1-day interest went? Is it necessay for the new bank to get this 1-day interest? Or the escow compnay just stole this 1-day interest. BTW, I didn't receive any bill from the new bank about this 1-day interest. Really strange! Could some experts here explain this?
