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#206397 - 06/30/04 09:30 PM Escrow
Anonymous
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Our bank is going to set up escrow accounts for customers who have not paid their taxes. The question is: Can the customer pay their homeowners insurance on their own or does the insurance have to be escrowed also. Appreciate anyone help.

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#206398 - 06/30/04 11:05 PM Re: Escrow
Cowboys Fan Offline
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Joined: Dec 2002
Posts: 4,576
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Anon, I've been trying to find an answer and I think that you do not have to escrow the homeowners insurance. But...if the loan is in a flood zone, you may have to escrow the flood. I can't get a handle on this part of the issue because of the "voluntary" exclusion- sorry.

Edit: I'm just learning escrow so don't take this as an answer - hopefully someone with a clue will set us both straight.
Last edited by Cowboy Fan; 07/01/04 10:38 AM.
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#206399 - 07/01/04 12:43 PM Re: Escrow
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
Quote:

I think that you do not have to escrow the homeowners insurance. But...if the loan is in a flood zone, you may have to escrow the flood




I agree.
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