Posted on: 21st Oct, 2010 07:44 am
I recently received our Annual Disclosure Statement. The loan Processsor (Cenlar) wants us to maintain and Escrow account. We've never done that and have always paid our taxes and insurance on time.
We live in Texas. Can they do this??
We live in Texas. Can they do this??
Hi crkohl,
The lender can ask you to go for the escrow account. You will have to deposit your insurance premiums and property tax dues in that account and the lender will pay them to the respective authorities.
The lender can ask you to go for the escrow account. You will have to deposit your insurance premiums and property tax dues in that account and the lender will pay them to the respective authorities.