Http://www.KingwoodMortgageGuy.com Mortgage Escrow Account Explanation
Mortgage Escrow Account Explanation
Kingwood Mortgage Guy
1521 Green Oak Pl # 197
Kingwood, TX. 77339
In this video Mike Durr (The Kingwood Mortgage Guy 281-348-9899) explains why escrow accounts are funded the way that they are.
He describes what the purpose of the escrow account is and why Mortgage servicers are so sensitive as to whether you have an escrow account are not.
He indicates that the lack of an escrow account is a risk factor for mortgage servicers.
Here’s why… if the taxing authority is not paid, they have the right to usurp the first lien position and foreclose on the property.
After they sell the property, they take their money they were owed, and pay the 2nd lien holder the rest of the money they received from selling the property.
They do not have a lot of incentive to sell the property for the maximum amount, they just want to get what they are owed. They really don’t care if the second lien holder gets their money…
To protect their interest the mortgage servicer will generally pay the tax assuming they know that the amount is late, and due, and them add that amount to the mortgage.
The mortgage escrow account explanation is done in a graphic with a spreadsheet that shows why the money is collected and how and when it is dispursed.
Mike leaves the graphic explanation saying that if you still do not understand the mortgage escrow account explanation you should call or email him at 281-348-9899 or contact him via email at MikeKMG@gmail.com mv mvend