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newsfoto12 · Joined: 29 Nov 2010 Posts: 1 1.34 Dollars($)

Payment due on property taxes the 30th of May for the may/june/ july quarter. went to pay on the 11thof June and was told that checks for the year had arrived from the mortgage holder to pay a delinquent tax. They are now insisiting on escrow and are charging me $60 a month more than the actual tax. They say Federal law allows them to overcharge me in case my taxes go up. At the end of the year, they will pay me back any escrowed money left over after the yearly tax is paid. My question is, can there be no grace period for taxes of there is a grace period for the mortgage itself?

smithsussane · Posted: Mon Nov 29, 2010 8:26 pm Post subject:

Hi newsfoto!

Welcome to forums!

As far as I know, there is a grace period for mortgage payments but I haven't heard of grace period for tax payments. You can go ahead and open an escrow account with your lender. You can deposit the insurance premiums and tax payments in that account and the lender will pay them off on your behalf. If there is an excess amount left, then you'll get it back at the year end.

Feel free to ask if you've further queries.

Sussane

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Is there a grace period for property taxes?

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