On 15 Oct 2008 16:18:03 -0500, Dave wrote:

On Wed, 15 Oct 2008 14:06:07 -0500, Frank Boettcher
said:

I think you just about have to be retarded to leave a
closing and not know what your obligation is, principle, interest, and
term.

On the other hand, it's highly unlikely that you'll remember whether the
mortgagee has the right to require an escrow for taxes and insurance if he
isn't taking those amounts initially. I can see where a new buyer of the
mortgage might insist on rights that the former mortgage holder had under
the contract but never asserted.


True, although I've never seen a case where a first mortgage holder
did not require and execute the right to an escrow payment. Maybe in
some venues those holding that lien would take a certificate of
payment in lieu of collecting escrow, I've just never seen it when the
mortgage holder had the most skin in the game. After all, on most new
mortages if the homeowner lets the insurance or taxes lapse and the
house burns down or is subject to a tax sale, the mortgage holders is
left holding the bag. Disastrous on the insurance, a costly
irritation in the case of the tax lien.

Frank