Posted on: 21st Sep, 2009 09:29 pm
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?
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?
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.
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.