---

mortgage and escrow

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
jbarto65 Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)	Posted: Tue Mar 11, 2008 5:35 pm    Post subject: mortgage and escrow Like 0 Dislike 0 Do you think it is smart for people to have an escrow account with their mortgage these days, with the market the way it is. We have our that way and am very comfortable with it, we have a fixed rate. The mortgage holders that have the flexible rates have really been hurting and with the escrow added in it would definately cause even more stress, making the payment higher. what are your thoughts on this?
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Tue Mar 11, 2008 6:00 pm    Post subject: Like 0 Dislike 0 Hi jbarto, I think Escrow is very important and also helpful for the borrowers though he may have to pay some extra money every month but that ensures that all the bills like property taxes, fire and hazard insurance premiums, mortgage insurance premiums etc are paid on time. Escrow Account also helps you to avoid the risk of getting lapse insurance coverage or any delinquent taxes. Feel free to ask if you have any further questions. Best of luck, Larry
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Tue Mar 11, 2008 10:24 pm    Post subject: RE: escrow account keeps you organized Like 0 Dislike 0 Well I have a slightly different view jbarto. I guess it's much easier if you have someone to distribute the payments on insurance premiums and annual taxes..if you have an escrow account, the lender or loan servicer is there to do it for you. Otherwise, one has to be careful about what he needs to pay for taxes and inusrance premiums and tyhe problem is, if he's in an emergency, there are no reserves as in an escrow account to prevent him from being delinquent on taxes or insurance payments. I feel having an escrow account is all about being more organized. Take Care _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
steentx Guest	Posted: Mon Feb 01, 2010 12:09 pm    Post subject: mortage, escrow and bankruptcy Like 0 Dislike 0 I have a mortage, current, with no escrow account. I pay my property taxes. I am considering filing bankruptcy for my credit cards. My understanding is that a BK custodian will be the one paying my mortage pymt, taxes and credit cards with what is taken out of my paycheck each month. Once the BR plan is satisfied, will the mortage company place an me in to escrow since I went thru BK?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Wed Feb 03, 2010 2:22 am    Post subject: Like 0 Dislike 0 Hi steentx, I don't think the mortgage company will force you to open a escrow account just because you had filed bankruptcy. If you keep making payments on your mortgage and pay the taxes on time, there's no reason why the lender would force you to have an escrow account with them. However, if you fail to make payments towards the property taxes while in bankruptcy, the lender can consider the option of making you open an escrow account with them to make sure that the taxes are always paid of time.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0