Posted on: 29th Sep, 2010 09:42 am
We recently switched insurance companies. My insurance is paid through my bank that carries my mortgage. The original insurance company was paid $1000.00, and with it being canceled sent me a refund check to my home. Now my bank has to pay the new insurance company that will be billing them any time now. If I was to keep the $1000
what would happen to my escrow account. With holidays coming sure be nice to use that, I was worried about the consequences. Please let me know.
what would happen to my escrow account. With holidays coming sure be nice to use that, I was worried about the consequences. Please let me know.
Hi JOEGIBBSCRC,
If you do not pay the dues on time, your escrow account will be delinquent. In such a situation, the lender will add the delinquent amount to your principal loan balance and pay off the insurance dues himself. So, it's better not to avoid the payments.
Thanks,
Jerry
If you do not pay the dues on time, your escrow account will be delinquent. In such a situation, the lender will add the delinquent amount to your principal loan balance and pay off the insurance dues himself. So, it's better not to avoid the payments.
Thanks,
Jerry