Quote:
Originally Posted by joey2665
Most lenders do especially when you’re borrowing more than 50% of the value of the home. Again I don’t want liens against the house from the locality as I said in foreclosure they will take presidents over the banks lien. I’ve never seen a bank and 80% of the value of the house and let you pay taxes on your own
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Your experience is not the same as my experience, or of others I have known who had mortgaged property. The 20% equity figure is one I have seen frequently used as the breakpoint at which an escrow account is no longer mandatory. It's generally considered that at that point the property owner has sufficient financial interest in the property such that there is an incentive to make sure that insurance premiums and property taxes are paid in a timely manner.
Anyway, and as I noted previously, the primary reason I initially responded was to indicate that there are indeed municipalities that have granted to property owners in this difficult time the courtesy of extending property tax payment deadlines.