PA Tax Escrow

[Anonymous]

Hey guys, it's me again ^_^. Does the lender have the right to decide how many months of taxes I have to have in escrow up front, or is there a general standard they have to adhere by? I'm closing Nov. 13th 2009 & they are saying I need 8-14 months from estimates I got from previous realtors.

Thanks for your input in advance!

[BrianB_The_Loan_Professor]

I believe they cannot have more than 2 months of reserves beyond what is needed for the next payment

PA is EXPENSIVE to close in because of the way things are done there.

This is hard to explain but i will try

Lets say taxes are paid twice a year and the next payment is due in three months

That means they will likely collect 5 months

The three months that should already be there plus the 2 months of reserves

If it is 2 months until it is due and it is yearly payment they could collect up to 12 months

10+2

It is really based on how the taxes are collected in your county

Good Luck

B

[Anonymous]

why doesn't that surprise me

[ShanetheMortgageMan]

PA also has a variety of taxes, school/city & county.