After arranging your mortgage loan, the law On Real Estate Settlement Procedures (“RESPA”) also requires lenders to send you an Initial Statement of Third Party Accounts, which contains a detailed list of all payments made in said Statement during the past year.
If the above-mentioned Declaration is overpaid or underpaid due to changes in your insurance premiums and / or property taxes, your lender must reimburse you for overpayments, or charge you insufficient payments, as well as adjust your Monthly mortgage payment in the form that is necessary.
Whenever you maintain your initial mortgage loan, you also have the right tithe declaration Of Transfer of Service whenever your lender sells or transfers the service of your loan to another company or lender.
If you want a home loan to buy your home, your financing arrangement with your lender will require you to maintain homeowner’s insurance at all times. In many cases, your insurance payment will be part of the mortgage payment, as paid by your lender in your third-party statement of accounts.
Leaving your homeowner’s insurance policy behind may be a failure to your financing agreement that could cause you to eventually lose your home.