Posted on: 03rd May, 2011 11:24 am
I was behind a payment the mortgage company kept my escrow to make that payment and used the rest of the escrow money toward the loan itself. Can they do that?
Honestly, the banks have been known to do much worse. The escrow is supposed to be used only for tax, and insurance payments. The funds are to be placed in a trust account. If its legal what they did, you would need to contact a re attorney.
Hi clee!
Welcome to forums!
Normally, the money in the escrow account is used for paying off taxes and insurance. However, if you've extra amount in your escrow, then the lender may use it for mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Normally, the money in the escrow account is used for paying off taxes and insurance. However, if you've extra amount in your escrow, then the lender may use it for mortgage payments.
Feel free to ask if you've further queries.
Sussane
