Will our mortgage be considered late if we only pay the principal and interest & not our escrow for two months?
We have a FHA loan and we know we are required to pay escrow but for the next few months we will not have enough for both the note payment and the interest. Could we go into foreclosure for only paying the principle and interest and can the mortgage company refuse to accept the payment?
- nkroadcaptainLv 41 decade agoFavorite Answer
You'd better get hold of your mortgage company and explain the cash shortfall.
- Oh Wise OneLv 51 decade ago
I think you are misusing the term escrow. Do you have an impound account is that what you're referring to? An impound account is where your total payment goes into an account for your principal, interest and property taxes?
I'd call your lender to find out what the penalties were for not paying the property taxes that month.
- golferwhoworksLv 71 decade ago
yes as your not in full payment will go into suspense until you make it current. Partial payments are not acceptable
- 1 decade ago
Contact your lender and ask for a forebearance.