My mortgage company holds money in escrow to pay my property taxes. If they pay them late, who is responsible to pay penalties or late fees because of that?
• When lenders hold money in escrow for property tax payments, it is their obligation to pay the taxes on time, and for the appropriate amount. In cases where a mistake is made, the lender is responsible for all penalties and fees incurred. • These fees are to come out of their corporate account, not the escrow account in their keeping.
Related Questions
- I do not have an escrow account, however my property taxes are delinquent and I do not have the money to pay. Can ResMAE pay the taxes and set-up an escrow account for the payment of future taxes?
- Should I have my mortgage company set up an escrow account so I pay them taxes and insurance monthly, and they pay the tax bills and insurance payments when due?
- My mortgage company holds money in escrow to pay my property taxes. If they pay them late, who is responsible to pay penalties or late fees because of that?
