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Taxes and Tax Preparation
Money Management

What does it mean when your mortgage company says your taxes have been impounded?


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Wiki User
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.