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Old 11-26-2010, 05:50 PM
 
1 posts, read 2,368 times
Reputation: 10

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Why would I get a noticed from my Mortatage company stating that I have not renewed by hazard insurance, but yet I have an escrow account for hazard insurance and property taxes? So confused. I double checked my loan documents and it clearly states that my hazard insurance is covered under my escrow account.

When I was closing last year, I had to pay upfront for the full year. So when I got the bill from the hazard insurance people, I forwarded it to my mortatage company. If I have escrow, then I shouldn't have to pay for my hazard insurance for the next year, correct?

Thanks!
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Old 11-26-2010, 05:58 PM
 
Location: earth?
7,288 posts, read 10,862,561 times
Reputation: 8956
Sounds like a simple mix-up. Call your insurance company and/or lender and tell them you have an impound account. Make sure you have your dates correct.
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Old 11-30-2010, 03:37 PM
 
Location: Wakefield
53 posts, read 112,793 times
Reputation: 31
It may be a mix up but ultimately you are responsible for the payment EVEN if it is held in escrow. We had it happen to us before when the bank paid late and WE were responsible for all late fees. Escrow is another money making scheme for the banks and they have no incentive to pay on time
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