does your mortgage co have the right to add inpound acct to your monthly mortgage payement? | |
does your mortgage company have the right to add an inpound for property taxes if you original didn't have an escrow account on your loan? is it legal for them to report you late for property taxes only when your monthly payment has been received on time?
Answers:
1Your deed of trust probably contains a clause that asserts the lender's right to establish an escrow account if you allow your property taxes or home owner's insurance to default.
Since property tax liens take precedence over the lender's first lien position,it endangers their interest in the property. This is how they protect their position on the property title.
Once you have an escrow account, the tax and insurance portion of the payment becomes a part of the entire payment. Any shortage is just that, a short payment and you will be reported delinquent accordingly.
Sorry, I know this isn't what you want to hear but they wouldn't have forced an escrow if you had maintained the payments necessary to protect their lien position.
Back
Add Your answer to this question: | |
|
|
 |
Powered by Yahoo! Answers
| 
