What exactly is an escrow?

[Francodman]

Regarding home owning. My brother wants to know why they're raising his escrow 200 dollars a month.

 

[Marshallj]

Originally posted by: Francodman
Regarding home owning. My brother wants to know why they're raising his escrow 200 dollars a month.

It's a bird, sort of like an espigeon or an essparrow.

 

[tm37]

Your escrow account covers your insurance and taxes.

You pay in every nmonth and when that yearly bill comes due they pay the bill.

I'm guessing his tax bill when up, quite a bit.

 

[Sluggo]

Probably because his insurance or taxes went up and they need more money to cover the difference.

Escrow account at a mortgage company is a small fund that you pay into every month that pays your property taxes and your homeowners insurance. The mortgage company does this so they can be sure those items are paid and the house doesnt get destroyed by a natural disaster with no insurance or get sold at a sheriff's sale because of non-payment of taxes.

The payment on the escrow account can go up and down depending on whether ot not there is enough money to cover those items. If there is extra after those are paid, most mortgage companies will send you a check, and lower the payment a bit.

 

[her209]

An escort service is a....