What to do if their mortgage is Escrowed?

Nov 30, 2007

  1. Agent5913
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    Agent5913 Expert

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    My boss wants to explain it once and thats it. I have a friend who I am getting both auto and home but its escrowed and he dont want to come up with an extra $500.

    What do I do?

    sorry, im new
     
  2. tkirk97
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    tkirk97 Expert

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    no problem, write the insurance, inform the bank were the loan is held that client x will be getting insurance from the new company, the escrow will pay the new company and, once that is done your client should cancel his policy, but only cancel once the new policy is in force. Your client will get a refund from his prior insurance carrier, he can either send the refund back to escrow or keep it, remind him that if he/she keeps the refund their escrow will be short next year and his monthly escrow payment would be adjusted accordingly.
     
    tkirk97, Nov 30, 2007
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  3. Agent5913
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    much clearer now, thanks.
     
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