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Originally Posted by candybaby In post 127, 128 states she only needs $466 more... Also, I know my taxes and insurance are impounded in my mortgage payment everything has to be paid at ONCE.. 642 x 2 ( because she's 2 months behind)= 1284-400(income tax money)=$884 still needed and if she needs $466 more then she made $418 |
having property taxes and insurance impounded with mortgage payments are optional to be selected when loan papers are signed at close of escrow. the only insurance that i know of that is not optional and must be rolled in with the mortgage payments is pmi, which would apply only if you put less than 20% down and has only 1 loan.
the financial institution holds the money in the owner's name and pay the taxes and the insurance all in the owner's name. the financial institution is recognized by the county and the insurance company as a legitimate third party with a lien on the home. can a private and individual lender be legally held in the same regard as a financial institution in this case? i've no idea. i've never heard of a home mortgage be held as a personal loan from an individual and don't know if it works the same as if the home loan is from a bank. don't know if this is a common case for real estate sold outside of california. just hoping for a best case senario for kristy and hopefully she's can keep her creditor at bay long enough to get caught up. then keep up with the payments going forward.