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Mortgage Professor about escrow: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advantages and Disadvantages of Mortgage Escrows
December 4, 2000, Revised December 3, 2002, November 16, 2004 "I can set up an escrow account for paying taxes and insurance, or not. The decision is mine. How do I make it?" The major advantage of a mortgage escrow is that the lender assumes responsibility for ... more... How Do I Get Rid of My Mortgage Escrow? April 19, 1999 "We have a perfect payment record and our loan is now about 50% of property value. The mortgage servicer keeps making errors in our escrow account and they won't pay us any interest on the balance. They ... more... |
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escrow related definitions |
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RESPA
Real Estate Settlement Procedure Act (RESPA) A federal law passed in 1974 that requires lenders to provide home mortgage borrowers in advance with information of known or estimated settlement costs. RESPA also limits the amount lenders may require to be held in escrow for ... more... Escrow Escrow An account held by the lender into which the home buyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing. You'll ... more... |
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