Tags: brainstorming, car dealership, costa blanca, costa blanca property, escrow account, exchange official, flash developer, foreclosure mortgage, home mortgage loans, mortgage calculator, mortgage company, mortgage interest rates, mortgage lender, mortgage payment, property tax payment, real estate investor, settlement statement, tax attorney, tax exchange, year fixed mortgage
If you do not have an escrow account set up with your lender where the lender require that you pay either your taxes or insurance or both where they pay them on your behalf then failure on your part to make the insurance or tax payments when each are due the lender will then pay them on your behalf thus requiring you to pay them.
Once they pay one or both the insurance and taxes they could require you to pay the outstanding taxes they have paid for you as well as require you to pay in advance thus setting up an escrow account for future payments.
By paying them on your behalf they are preventing delinquent tax fees that might add up in the event you fail to make your monthly mortgage payment and foreclosure procedures have to be taken against you.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"