Equal Home Finance Bureau ALERTS!

Escrow/Impound Payments Not Handled Correctly

Many times, but not always, consumers must provide their lenders funds for depositing into an escrow account, later to be used by the lender to pay real estate taxes and home insurance on behalf of the consumer. However, the mortgage companies are not always paying the taxes or the home insurance when they are supposed to.

Sometimes this happens because the lender does not have the right information, and other times it seems that they just screw up. A change in lenders just before a payment may cause this. Unfortunately, you are still responsible for making sure the payments are made to the right places, even if the lender doesn't.

For this reason, Equal Home Finance Bureau cannot stress more strongly the importance of maintaining good paperwork over all your home issues. Further, keep track of important dates in your calendar and make sure your mortgage company also makes payments when they should. Don't simply rely on them to do it right.

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