Posted on: 20th Oct, 2010 10:12 am
We've never maintained an escrow account thru the owner of our mortgage. ALL Taxes and Insurance were always paid.
We just got our annual Escrow disclosure statement and the loan processsor wants us now maintain an escrow account.
We live in Texas. Note that the current owner of the mortgage has NEVER paid a cent to any tax agency or to our Insurance company.
What can we do? They want to raise our payment by over $300 per month AND want us to pay a lump sum of $1700.
Can they do this???
We just got our annual Escrow disclosure statement and the loan processsor wants us now maintain an escrow account.
We live in Texas. Note that the current owner of the mortgage has NEVER paid a cent to any tax agency or to our Insurance company.
What can we do? They want to raise our payment by over $300 per month AND want us to pay a lump sum of $1700.
Can they do this???
Hi crkohl!
Welcome to forums!
Most lenders will want you to go for an escrow account. If you go for an escrow account, it will help you in depositing a stipulated amount of money over there for your property taxes and insurance payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Most lenders will want you to go for an escrow account. If you go for an escrow account, it will help you in depositing a stipulated amount of money over there for your property taxes and insurance payments.
Feel free to ask if you've further queries.
Sussane