Comments on: Mortgage Impounds – What You Need To Know http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html Bridging the gap between saving money and investing Thu, 24 May 2012 14:56:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Marie http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html/comment-page-1/#comment-691706 Marie Sat, 08 May 2010 15:34:35 +0000 http://www.pfadvice.com/2007/03/26/mortgage-impounds-what-you-need-to-know/#comment-691706 I have recently discovered that my impounds servicer has been holding the payment each pay cycle and I have been paying a $250 late fee for the last 6 years. I didn't discover this until I closed my impounds and reviewed the closing statement. Sounds like a sweet deal they have worked out with the county; the county gets the boost via late fee charges and the impounds servicer gets to play with my money a little longer to make a little more money off my money - and I get to pay the late fee and there is no report to the credit agencies until the second notice so I have been none the wiser. Any body out there ever hear of such a scheme? I have recently discovered that my impounds servicer has been holding the payment each pay cycle and I have been paying a $250 late fee for the last 6 years. I didn’t discover this until I closed my impounds and reviewed the closing statement. Sounds like a sweet deal they have worked out with the county; the county gets the boost via late fee charges and the impounds servicer gets to play with my money a little longer to make a little more money off my money – and I get to pay the late fee and there is no report to the credit agencies until the second notice so I have been none the wiser. Any body out there ever hear of such a scheme?

]]> By: swarovski http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html/comment-page-1/#comment-62984 swarovski Fri, 22 Jun 2007 21:06:23 +0000 http://www.pfadvice.com/2007/03/26/mortgage-impounds-what-you-need-to-know/#comment-62984 Glad we don't have that system in the UK. What a rip off! Glad we don’t have that system in the UK. What a rip off!

]]> By: Amy F. http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html/comment-page-1/#comment-30739 Amy F. Tue, 27 Mar 2007 03:16:47 +0000 http://www.pfadvice.com/2007/03/26/mortgage-impounds-what-you-need-to-know/#comment-30739 Teri, I meant Teri. Sorry about that. Teri, I meant Teri. Sorry about that.

]]> By: Amy F. http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html/comment-page-1/#comment-30738 Amy F. Tue, 27 Mar 2007 03:16:20 +0000 http://www.pfadvice.com/2007/03/26/mortgage-impounds-what-you-need-to-know/#comment-30738 Thanks for this article, Tina. I didn't know anything about mortgage impounds and I know the info will come in handy. I hate the thought of entrusting (and paying!) someone else to pay my most important bills for me when I know I'm more than capable of doing it myself! Thanks for this article, Tina. I didn’t know anything about mortgage impounds and I know the info will come in handy. I hate the thought of entrusting (and paying!) someone else to pay my most important bills for me when I know I’m more than capable of doing it myself!

]]> By: frugalmomof1 http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html/comment-page-1/#comment-30656 frugalmomof1 Mon, 26 Mar 2007 20:24:26 +0000 http://www.pfadvice.com/2007/03/26/mortgage-impounds-what-you-need-to-know/#comment-30656 Thank you very much for this timely article. I have been thinking whether to drop my impound account, and your article brought up some great points that I had not thought about. Thank you very much for this timely article. I have been thinking whether to drop my impound account, and your article brought up some great points that I had not thought about.

]]> By: tanyetta http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html/comment-page-1/#comment-30624 tanyetta Mon, 26 Mar 2007 18:40:26 +0000 http://www.pfadvice.com/2007/03/26/mortgage-impounds-what-you-need-to-know/#comment-30624 now you tell me :) now you tell me :)

]]> By: limeade http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html/comment-page-1/#comment-30618 limeade Mon, 26 Mar 2007 17:36:32 +0000 http://www.pfadvice.com/2007/03/26/mortgage-impounds-what-you-need-to-know/#comment-30618 I had a situation just this last December where the mortgage company paid the taxes, but they paid an amount based on last years property taxes. The new amount was a little higher and I had to follow up with them to make sure they would pay the full amount. I like what you say that it's our responsibility to make sure taxes and insurance are paid. Here's the rule of thumb I follow: Inspect what you expect. -limeade http://fiscalmusings.blogspot.com I had a situation just this last December where the mortgage company paid the taxes, but they paid an amount based on last years property taxes. The new amount was a little higher and I had to follow up with them to make sure they would pay the full amount.

I like what you say that it’s our responsibility to make sure taxes and insurance are paid.

Here’s the rule of thumb I follow:
Inspect what you expect.

-limeade
http://fiscalmusings.blogspot.com

]]> By: Jeremy http://www.savingadvice.com/articles/2007/03/26/101274_mortgage-impounds-what-you-need-to-know.html/comment-page-1/#comment-30615 Jeremy Mon, 26 Mar 2007 17:26:22 +0000 http://www.pfadvice.com/2007/03/26/mortgage-impounds-what-you-need-to-know/#comment-30615 Good advice to keep an eye on the account if you do have one. We were faced with an issue with our last home purchase where the escrow wasn't linked to the property taxes correctly so they did not get paid as they should have. Luckily we caught it very quickly and were able to avoid penalties or fees but I can see how easy it would be for many people to allow this to go completely unnoticed. Good advice to keep an eye on the account if you do have one. We were faced with an issue with our last home purchase where the escrow wasn’t linked to the property taxes correctly so they did not get paid as they should have.

Luckily we caught it very quickly and were able to avoid penalties or fees but I can see how easy it would be for many people to allow this to go completely unnoticed.

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