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Impounds and Escrows

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sagarthakar Joined: 15 May 2007 Posts: 71 26.83 Dollars($)	Posted: Thu May 31, 2007 8:20 am    Post subject: Impounds and Escrows I need some info on what exactly Impounds are and are they anyways related with Escrows ..... Pls guide Thanks
colin Moderator Joined: 30 Jun 2006 Posts: 602 Location: Waltham, Massachusetts 112.62 Dollars($)	Posted: Thu May 31, 2007 12:31 pm    Post subject: Hi Sagar, Impound accounts are also called as escrow accounts. It is an account which is set up where you pay a monthly amount from which the mortgage company pays for your property taxes & home insurance. You can read more about use of such accounts from this page: http://www.mortgagefit.com/impound-account.html Colin
helping_user Joined: 31 Mar 2006 Posts: 803 Location: Hawaii 149.53 Dollars($)	Posted: Thu May 31, 2007 9:17 pm    Post subject: Re: Impound Account & Escrow Account - both are same Hi Sagar, Impound Account and Escrow account - both are same. We already have some discussion on escrow account. And even there is an article on escrow account. Please refer "Escrow and its Significance" to acquire enough knowledge on escrow or impound account. Thanks

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