Pueblo Real Estate Resources

Unless you own all of your rental properties free and clear, chances are that you have some escrow accounts with your lenders. These escrow accounts are fed every month from your mortgage payments and this money is supposed to be used by the bank to pay your annual property taxes and insurance premiums. While it is tempting to let this system run on autopilot, you really shouldn't rely on your bank to get this right. Banks do make mistakes, some more frequently than others. While I personally may just have bad luck, I have had more than my fair share of challenges with different banks messing up my insurance payments over the years.

Of all the bizarre things that I have seen happen to my escrow accounts over the years, recently one of my lenders paid someone else's premium from my escrow account. Needless to say, after receiving telephone confirmation that this issue has been resolved, I am monitoring my escrow account very closely to make sure that the premium is returned to my account.

Most of the time though, when your bank messes up, it is just an annoyance that requires some extra time on the phone.

Here are some of the things that can go wrong when your bank doesn't pay your insurance premiums:

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