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What does it mean when your mortgage company says your taxes have been impounded? |
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Generally this means that you failed to timely pay your property taxes associated with the mortaged property.
The provisions of your mortgage note will generally give the Mortgage company the authority to impound to protect their interests in the property.
First answer by Insurance Plus. Last edit by Insurance Plus. Contributor trust: 275 [recommend contributor]. Question popularity: 16 [recommend question]
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