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Stop making mortgage pyments

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mariadolorescostales Joined: 21 Sep 2009 Posts: 1 1.00 Dollars($)	Posted: Mon Sep 21, 2009 9:29 pm    Post subject: Stop making mortgage pyments Like 0 Dislike 0 We have a vacation property in Sunny Isles Beach, FL & can no longer afford to make the monthly mortgage payments, so we are going to stop paying starting in October. We have depleted all our investment income with the exception of Custodial Accounts for our children. I'm wondering if these are safe, or if the banks can come after them too. If we stop making our mortgage payments, what happens to the escrow account for the property taxes? Will the mortage company still pay this when it's due? If so, how will we be assessed the shortage?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Mon Sep 21, 2009 11:22 pm    Post subject: Like 0 Dislike 0 Hi mariadolorescostales, As far as I know, Custodian Accounts cannot be garnished by the lender. However, laws may vary from state to state and you can contact a lawyer who will be able to help you in a better way in this regard. As far as the property taxes are concerned, the lender will pay the amount as long as you have the required amount in the escrow account. _________________ Procrastination is the enemy of your financial success

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