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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Are my taxes automatically paid from my escrow account? Do I need to check with my mortgage company for this? |
Are my taxes automatically paid from my escrow account? Do I need to check with my mortgage company for this? Make sure you do check with them and double check it. My mortgage co. told me they will pay my taxes at the end of the year and send me an invoice for the amount, over and above, what I had in escrow. Instead, they didn't pay my taxes and sent me the escrow check after the first of the year. I called them again, wondering why they sent me the check and told them, if they can't get it right, I will handle my own escrow and tax payments. They confirmed they would pay my taxes, but again, didn't. My taxes were then delinquent and I was charged interest. I back charged the mortgage co. for the interest and had to fight, tooth and nail, but they did reimburse me. It was their personnel's mistake after all. So yes, make sure you varify they will pay the taxes and get it in writing. They should be. That is the way mine works, I know. But I always check on them to keep them honest. They are supposed to and should but if they don't you have to pay the penalties. usually, yes. your taxes, insurance, and actual loan payment are all included in your monthly payment - from which some is deposited into your escrow and paid out of that. You normally shouldnt have to pay that separately. That's how it is for me. You have to sign up for them to automatically pay your taxes, if you have signed up then they will pay them. check with your mortgage company, escrow could include just taxes, just insurance or both. better to be safe than sorry. Most likely, if you have an escrow account your taxes are being paid. Please check with your mortgage company. If you have an escrow account it should be used to pay your taxes and maybe your insurance. Never assume that it does pay for the taxes, if you call to verify tell them you need to see it in writing or by e-mail so you can have documentation. Good luck. |
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