Posted on: 07th Aug, 2012 01:37 pm
Can Wells Fargo require two months impounds reserve on a home mortgage. Got a stmt from them telling me my monthly payment will increase to cover two months imponds as a result of them paying my taxes 45 day earlier than the due date. Is this legal?
This is not illegal. An escrow account or an imound account is in vogue in the mortgage industry. You pay money in this account on a monthly basis so as to pay your taxes and insurance.