Please Help: Paying Sellers mortgage: CAVEATS??? - Posted by Rob

Posted by Buck on July 21, 2002 at 10:08:02:

Rob, Banks aren’t picky, they will accept payment from anyone willing to write them a good check. Just make sure the account numbers etc are correct and written on your check.

Property taxes and insurance are usually included in the montly payment and stored in an escrow account at the bank. When the taxes or insurance are due, payment is made from the escrow account. If the account has more money than needed, the lender lowers payments the next year. Likewise, if they are more than is in ezcrow, by a small margin, the bank just increases the monthly payments to compensate. If the charges are too high, the bank will send a bill to the borrower for the difference and raise the monthly payment so it doesnt’ happen next year.

Buck

Please Help: Paying Sellers mortgage: CAVEATS??? - Posted by Rob

Posted by Rob on July 20, 2002 at 18:17:29:

I am unable to find a 3rd party collection service to pay the sellers mortgage when I am doing L/O’s…

  1. Can I pay the mortgage (bank) on my own? Will they accept payment from me?
  2. I understand that property taxes are included within the monthly mortgage payments, but how do I pay the homeowners insurance? Doesn’t the bill get mailed to the house?

Thank you SO Much !!!