Legal Question in Real Estate Law in California
My question about refinance :
The lender want to hold my monies for the next year property tax (2011) which is not due no and there is no tax bill now. I do not have the escrow account for the refinance loan.
I call the county (orange county/california), they say that no one can pay tax without the taxbill. Does rthe lender have the right to hold my monies in this case? Thank you.
1 Answer from Attorneys
Yes. The lender can impose conditions they feel are reasonably necessary to protect their interests. If you don't like that condition, then you are free to find another lender who will not require this set-aside.
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