Asked in LoansMortgagesTaxes and Tax PreparationLiensMoney Management
What does it mean when your mortgage company says your taxes have been impounded?
March 31, 2010 3:45AM
This means that the mortgage company has included your taxes as part of your monthly payment. They take a portion of your payment every month, hold it in an account called an escrow account, and then disburse it according to the requirements of the county that your property resides in.