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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (30823)5/6/2005 2:12:16 PM
From: DutchRead Replies (1) | Respond to of 306849
 
Escrow is optional. Some mortgage companies demand it for the float revenue, but you can find those that do not. I pay my taxes and insurance separate from my mortgage. It usually requires high equity and high FICO score.



To: GraceZ who wrote (30823)5/6/2005 4:24:02 PM
From: Elroy JetsonRead Replies (2) | Respond to of 306849
 
Mortgage companies can't really trust Baltimore citizens to pay their own taxes, can they? Impound accounts are optional on most mortgages in California.

The mortgage company does usually files a notice with the county and the insurance company so they get notified if the "owner" of the bank owned home drops their insurance or fails to pay the tax. One might think this could trigger an acceleration clause - but it hasn't yet in any case I'm familiar with.

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