An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month.

No matter what state your property is in, you may be eligible for a tax exemption based on state law and the taxing authority’s guidelines. IMPORTANT: You must apply for and obtain documented approval directly from the taxing authority.

Sending Property Tax Bills We receive tax bills for escrowed accounts, so you don’t need to send us your copy unless the bill is for delinquent taxes or a supplemental/interim tax. Please write your loan number on it first, and then send to any of the following:

If you want to transfer ownership of your property into a Trust or to your spouse/children, you’ll need to notify Mr. Cooper and provide one or more of the following documents: Deed – This document is used to validate that you are an owner of the property.

Many taxing authorities allow grace periods for payments. Grace periods are stretches of time after a due date, but before the delinquency date, when you can still get your payment in without penalty. The delinquency date is the last date that taxes can be paid before there is a pe...

At Mr. Cooper we run an escrow analysis at least once a year around the same time, depending on the state where your property is located. It focuses on these areas: Your escrow account balance, monthly payment amount, and minimum required balance .

Another alternative to foreclosure is called Deed in Lieu of Foreclosure (DIL). DIL means that you voluntarily transfer ownership of your home to your lender, the lender terminates the loan, and the remaining balance due is forgiven.

You’ll be able to select which eligible escrow items—like home insurance or property taxes—you want reviewed for removal. If you change your mind, you can cancel the request within 7 business days.

If you want to transfer ownership of your property into a Trust or to your spouse/children, you’ll need to notify Mr. Coo... DIL means that you voluntarily transfer ownership of your home to your lender, the lender terminates the loan, and the remaining balance due is forgiven.

There are 2 common types of exemption: Partial Exemption means you qualify to have a reduction in the taxable value of the property, thus lowering the overall tax amount. A customer with an assessed home value of $200,000 may have a 25% tax exemption meaning there will be a $50,000...