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Escrow Account

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crkohl Joined: 20 Oct 2010 Posts: 2 1.63 Dollars($)	Posted: Thu Oct 21, 2010 7:44 am    Post subject: Escrow Account Like 0 Dislike 0 I recently received our Annual Disclosure Statement. The loan Processsor (Cenlar) wants us to maintain and Escrow account. We've never done that and have always paid our taxes and insurance on time. We live in Texas. Can they do this??
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Oct 22, 2010 12:25 am    Post subject: Like 0 Dislike 0 Hi crkohl, The lender can ask you to go for the escrow account. You will have to deposit your insurance premiums and property tax dues in that account and the lender will pay them to the respective authorities. _________________ Procrastination is the enemy of your financial success

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