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TexasLawyer (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:22 PM Original message |
Mortgage Lender's Bankruptcy May Threaten Thousands of Homeowners (American Home Mortgage) |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:24 PM Response to Original message |
1. Even with an impound account, homeowner is always responsible for keeping T&I current |
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Xipe Totec (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:29 PM Response to Reply #1 |
3. It's called an escrow account |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:40 PM Response to Reply #3 |
9. Impound account is also a widely accepted term |
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Xipe Totec (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:46 PM Response to Reply #9 |
15. Point remains the same; you can't just do it because you want to |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:48 PM Response to Reply #15 |
16. Many people who CAN get out of T&I escrow/impound don't do it |
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mountainvue (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 05:42 PM Response to Reply #15 |
39. Actually you can for an extra .25 hit to rate. That was |
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susanna (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 10:46 PM Response to Reply #3 |
23. After a refinance in 1996... |
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annm4peace (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 11:51 PM Response to Reply #23 |
25. Impound is CA, AZ, OR, HI, WA |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 01:24 PM Response to Reply #25 |
33. Homeowner is responsible for T&I even if there is an escrow (impound) account |
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wryter2000 (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 10:31 AM Response to Reply #3 |
30. I didn't know that |
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mountainvue (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 05:39 PM Response to Reply #3 |
38. Impounds/escrows = same thing. n/t |
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Dr.Phool (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:33 PM Response to Reply #1 |
6. A lot of the time, an escrow account is required. |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:38 PM Response to Reply #6 |
8. Yes, and many people keep those in place even when no longer required to do so |
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hang a left (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 11:28 PM Response to Reply #1 |
24. T and I are sometimes required in mortgage payments... |
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TexasLawyer (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:26 PM Response to Original message |
2. dramatic story |
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Roland99 (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:30 PM Response to Original message |
4. All hail Bush's 'ownership society'!! |
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madrchsod (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:31 PM Response to Original message |
5. well thats about two days spending in iraq. |
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bluestateguy (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:35 PM Response to Original message |
7. What happens when the holder of your mortgage goes belly up? |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:42 PM Response to Reply #7 |
12. Typically your loan is sold to another company |
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Warpy (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:44 PM Response to Reply #7 |
14. If you've been paying in a timely manner |
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Warpy (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:40 PM Response to Original message |
10. Anyone with a mortgage will have to check every year |
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Xithras (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 06:12 PM Response to Reply #10 |
20. Everyone SHOULD be checking anyway. |
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Warpy (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 09:42 PM Response to Reply #20 |
22. I was lucky |
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donkeyotay (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:42 PM Response to Original message |
11. Why would people current on their payments face losing their homes? |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 01:43 PM Response to Reply #11 |
13. Mortgages always require YOU to keep taxes and fire/flood insurance current |
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Trillo (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 02:52 PM Response to Original message |
17. Sounds like another SCAM foisted on those who are paying the bills. |
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fasttense (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 06:00 PM Response to Original message |
18. I get an annual statement detailing how the escrow was dispersed. |
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shanti (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 06:04 PM Response to Original message |
19. how does one |
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Jazzgirl (1000+ posts) Send PM | Profile | Ignore | Wed Sep-12-07 07:51 PM Response to Reply #19 |
21. I'm with you Shanti. |
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shanti (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 12:05 AM Response to Reply #21 |
27. i heard that! |
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Zorro (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 12:01 AM Response to Reply #19 |
26. Try these |
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cutlassmama (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 12:16 AM Response to Original message |
28. I'm thinking of buying a home. Should I do it now? I'm scared. |
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BigBearJohn (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 02:50 AM Response to Reply #28 |
29. If I were you, I would rent. Wait to see what happens with the economy. |
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AlCzervik (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 10:49 AM Response to Reply #28 |
31. get a normal mortgage and have at least 20% down pmt. no reason to be scared |
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Gormy Cuss (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 04:42 PM Response to Reply #31 |
36. Yeah, if one can afford that route and can stay put for the long haul, it's probably a good idea. |
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AlCzervik (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 04:48 PM Response to Reply #36 |
37. indeed, Elk Grove here and it's not a good time to be selling. |
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Xithras (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 01:02 PM Response to Reply #28 |
32. How's your local market? |
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HiFructosePronSyrup (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 01:33 PM Response to Original message |
34. Can somebody explain to me these bankruptcies in simple, dumb-downed terms? |
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muriel_volestrangler (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 04:32 PM Response to Original message |
35. And now specific British lenders have problems: |
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Earth_First (1000+ posts) Send PM | Profile | Ignore | Thu Sep-13-07 09:32 PM Response to Original message |
40. I'll tell you what... |
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