What is it called when your Real Estate Taxes come out of your Mortgage Payment?
What is the term for this? When your real estate taxes are taken from your monthly mortgage payment and the mortgage company pays the taxes.
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- The real estate taxes are referred to have been "escrowed"
- escrow for property taxes and most include home owner insurances as well
- The mortgage company keeps that in an "escrow" and pays the taxes on your behalf. Most mortgage companies also do this for your home owners insurance as well.
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