Sentences with phrase «escrow reserves fund»
Building Exterior, Cable, Community Pool, Escrow Reserves Fund, Ground Maintenance, Recreational Facilities, Roof, Security, Trash Removal, Water / Sewer
http://www.sailwindsrealty.com/ Not exact matches
They tend to be reserved for procedural matters and are taken care of by the escrow officer and loan funder.
Under these circumstances, if the contingency reserve is not used, the remaining funds in the escrow account will be released to the borrower after the Final Release Notice has been issued.
Some of these pre-payments are placed into an escrow account (a special holding account from which funds can only be accessed in certain circumstances) so that there is a reserve in case the deal falls through or you, for whatever reason, can't make a payment at some point in the future.
Lenders want to make sure taxes and insurance are paid, so they add these amounts to your monthly mortgage payment and place the reserve funds in an escrow account.