Taxes and homeowners insurance escrows

It is a common practice for mortgage companies to pay property taxes and homeowners insurance. They add 1/12th of the payment amount to your monthly mortgage payment. It

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is in their best interests to make sure that the taxes get paid because if they don’t the government can take the property.

However, sometimes mistakes are made. Property taxes for the 2nd half are due on October 15 in Minnesota.  It is a good idea to look up your property on your counties web site and make sure the taxes are paid.

I pay the property taxes myself yet I check after each quarter to make sure they come up as paid. Otherwise, I don’t know for sure that the payment was received and that the money was credited to my property.

 

 

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