Why Escrow Accounts are Important
In tough economic times, many homeowners can’t continue making monthly payments on automobile loans, credit card bills, and mortgages in full and on time. There are many reasons why individuals or couples fall behind on mortgage payments, and while many homeowners have no control over extenuating circumstances, some mortgage holders make have trouble making payments because they do not set up other necessary accounts. One of these is called an escrow account that designates a portion of a mortgage payment for property taxes. If the mortgage holder doesn’t take into account the cost of property taxes, he or she could be risking foreclosure.
Many mortgage holders may be so focused on making mortgage payments that they forget the cost of property taxes and simply don’t have enough money at the end of the year to pay them. If you or a loved one is facing financial difficulty and feel you are at risk of losing your house, contact an experienced Boca Raton foreclosure lawyer of Eric N. Klein & Associates, P.A., today at 561-353-2800. We will sit down with you and discuss your legal options so you can keep your house.
Importance of Escrow Accounts
If homeowners fail to save money for property taxes, they find themselves in serious financial trouble when their property taxes become due. A homeowner needs to set up an escrow account because:
- He or she won’t have to save for property taxes on their own
- A portion of the mortgage payment will go directly to your property tax payment
- You avoid the large bill at the end of the year when funds are already tight
You need to make sure you have all the necessary accounts set up so you can focus on making your mortgage payment on time.
Contact Us
To speak with a knowledgeable foreclosure defense representative, contact the Boca Raton foreclosure lawyer of Eric N. Klein & Associates, P.A., today at 561-353-2800 and take control of your future.
