Tuesday, August 24, 2010

If I am delinquent on my mortgage, can the bank take from my escrow to make the payment?

It will be explained fully in your mortgage paperwork under the default section. It goes into the heirarchy of where the money goes once you are behind...the forms vary by state, so just pull yours out and take a look.If I am delinquent on my mortgage, can the bank take from my escrow to make the payment?
No. Your escrow is only to pay property taxes and insurance. They cannot take it.

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