Legal Question in Real Estate Law in Wisconsin
Last Day to Pay Property Tax from Escrow Account
I am trying really hard to find out the very last day a servicer has to pay/disburse property tax payments on 1-4 residential loans from escrow accounts.
Thanks
1 Answer from Attorneys
Re: Last Day to Pay Property Tax from Escrow Account
Contact your mortgage company and ask for the "Tax Escrow Option Notice". This form instructs your lender to disburse your taxes in the year of the tax (by Dec 31) OR in full on Jan 31 OR by prescribed installment dates.
The disbursement date means the date on which the lender actually pays an escrow item from the escrow account. The lender must pay the items in a timely manner, that is, on or before the deadline to avoid a penalty. This is required as long as the borrower's payment is not more than 30 days overdue. Borrowers should review their annual escrow statement to make certain the lender did not make late payments and charge any penalties to the borrower's account.
More information is available at the HUD web site.
http://www.hud.gov/offices/hsg/sfh/res/respafaq.cfm#MT
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