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If you were in foreclosure but sold the property before the bank took over and should your credit report state foreclosure on it if the loan was paid off in escrow?
Wiki User
∙ 17y ago
If You Paid The Bank All Moneys Owed, And At Present Are Credit Wise Clear With The Bank. Take Your Report To A Loan Officer Then File A Report With The Credit Reporting Company, This Should Clear This From Your Credit Records.
Wiki User
∙ 17y ago
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What are the types of escrow account?
Escrow accounts hold money before it is disbursed for a specific purpose. One type of escrow account is established by the purchaser to hold funds before the purchase. Another type of escrow account is established by the mortgage lender to hold the money for the homeowners property taxes and insurance payments.
What is close of escrow?
confirmed letter of credit
What is a mortgage escrow account?
An escrow account associated with a mortgage is an account that is maintained by the mortgage holder and funded by the mortgagee. Part of the monthly mortgage payment goes into this escrow account to pay for property insurance and property taxes.
What does it mean when they ask you if you want to hold your escrow or roll it over?
This may apply to escrow accounts for taxes. When a new home owner initially purchases a house the lender may require that an escrow or impound account be set up for taxes and insurance. The borrower pays monthly into the account. When the loan is refinanced, the home owner may have the option of rolling the existing escrow balance over into a new escrow account held by the new lender, or managing the money directly. If there is an escrow account then the monthly amount is included as part of the total monthly mortgage payment, and the lender pays property taxes and hazard insurance out of the account. If the borrower chooses not to have an escrow account, then the borrower is responsible for paying property taxes and insurance.
What is an escrow state?
There are two main types of real estate closings for purchases of residential properties. One is the traditional closing and the other is an escrow closing. In traditional closing states, like Georgia for example, the buyer and seller and any other interested parties come to the closing table at the appointed time for the transaction, sign all necessary documents and the transaction is completed. The property title changes hands and the money (lender's or buyer's) changes hands as well. In traditional closing states on a purchase there is one closing and funds disbursement which finalizes the transaction which is generally referred to only as "the closing". In an escrow state, like California for example, all of the stipulations for the transfer of the property and funds are cleared prior to the day of closing. Important documents and funds are held "in escrow" by the assigned escrow agent until the time of the closing. If all stipulations have been met according to the escrow instructions (created between seller, buyer and lender) the closing is final, all funds are disbursed and the sale is final. The closing is generally referred to as an "closing of escrow". Not to be confused with with other types of escrow the escrow closing includes all documents and monies required to facilitate the loan. Escrow may also mean earnest money given to the buyer's agent during the contract period which is applied to the closing costs or purchase price. Escrow may also mean funds held by the escrow agent after the closing to be applied to an upgrade or repair on the property being purchased. Finally, and very importantly in any state, there is lender's escrow. This is a specified amount of funds held by the lender to cover the cost of taxes and insurance on the property being financed. Many times the property owner can ask to have escrows waived which some lenders facilitate for a slightly increased interest rate to help mitigate the risk. In this case the lender will require proof of insurance and taxes being up to date on the property. See a list of escrow states at the related link provided below.
What are the types of escrow account?
Escrow accounts hold money before it is disbursed for a specific purpose. One type of escrow account is established by the purchaser to hold funds before the purchase. Another type of escrow account is established by the mortgage lender to hold the money for the homeowners property taxes and insurance payments.
What is an escrow account used for?
Escrow account is used to pay the taxes and insurance of the property
Can a judgment lien be placed against property that is in escrow?
It depends upon the nature of the lien and who is the holder of the escrow account. If the property is being held in escrow by the lender, then yes, the placement of a lien is possible.
What is close of escrow?
confirmed letter of credit
What is the job description of an escrow agent?
Before a real estate sale is deemed "final," it enters the escrow process. The escrow process makes sure that property titles are good, there is no outstanding debt, and the buyer and seller have completed their responsibilities according to the real estate agreement. Escrow officers make sure that the real estate sale passes the escrow process.
Can a person who has land in escrow go before the city asking for a zoning change?
As long as you are on the Dead to the property...Good day
What is a mortgage escrow account?
An escrow account associated with a mortgage is an account that is maintained by the mortgage holder and funded by the mortgagee. Part of the monthly mortgage payment goes into this escrow account to pay for property insurance and property taxes.
Who pays for property tax?
Usually the owner of the property is the one that pays the property taxes on the owners property. Some time the mortgage company will pay them from a escrow account but the money that is in the escrow account comes from the property owners monthly payments.
In real estate what is the definition of off market?
The property is in escrow or sold.
When you pay your mortgage payment there is alway extra added to it why is this?
Any extra charges should be identified on your bill. It may be an escrow amount that will go toward insurance and property taxes.Any extra charges should be identified on your bill. It may be an escrow amount that will go toward insurance and property taxes.Any extra charges should be identified on your bill. It may be an escrow amount that will go toward insurance and property taxes.Any extra charges should be identified on your bill. It may be an escrow amount that will go toward insurance and property taxes.
What type of industry is the Escrow Company in?
The Escrow Company is in the real estate industry. Basically, the escrow is the money held by a third party on behalf of a transacting party. In the USA its specifiacally used in real estate for property tax and insurance.
An account used by mortgage lenders for the safekeeping of the funds accumulating to pay next year's property taxes and hazard insurance is called an escrow account?
True, escrow account.
