Chp7 Mortgage and escrow

[Dis0314]

I'm finally about to file chp7 and had a question about the escrow account currently setup to cover property taxes (TX). I pay insurance on my own.

I'm filing and selecting to keep but not re-affirm the mortgage so I'm wondering if the bank still does the tax escrow or if I will have to pay that seperately now?

[despritfreya]

Nothing should change. The only thing that might happen is the discontinuance of the ability to pay on-line so you may just have to write a check and mail it in or, if the loan is with a bank, go to the branch to make the payment.

Des.

[bcohen]

Of course, the bank will still continue to pay the property taxes, and expect you to fund the escrow account. If you fail to do so, then you will be in default, and subject to foreclosure.

[Dis0314]

awesome. thx guys. It makes sense I guess because it gives them assurance the taxes are being paid..

[brokehmowner]

If you're doing a chapter 7, a lot of banks changed the online access. I know Bank of America did. You can now pay online with them, and a couple other banks also. Don't know if all of them changed though. With Bank of America you can do everything on line as if you are not in bk. But they will always put the disclaimer on the front page of your account.