Q&A: In a HARP loan is it a requirement to have an Escrow account (taxes and Insurance)?

Posted on Jan 16, 2013 in HARP Refinance

Question by LM: In a HARP loan is it a requirement to have an Escrow account (taxes and Insurance)?
I’m refinancing to a HARP loan and my lender is telling me it is a requirement that my taxes and insurance need to be added to an Escrow account. I don’t want an Escrow account (and don’t have it on my current loan).
I’m in California. Does that link still apply? I think that is just NJ.

Best answer:

Answer by mbrcatz
Yes. HARP refinancing requires that taxes and insurance are escrowed.

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3 Comments

  1. Laydee January 16, 2013

    The lender wants to ensure that the taxes and insurance gets paid. If you are refinancing with a HARP loan is for a reason-financial troubles. Usually these “special” loans have these guidelines.

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