Banking,Escrow Account,Mortgage,trusts
Can a bank require an escrow account to be opened after the mortgage is given?
Can a bank require an escrow account to be opened after the mortgage is given?
By  Angshuman Chaudhary  |  28 May 2016  |  Upvotes: 0  | 

1 Answer(s)

Rashi Gahlaut
Advocate

The bank may be entitled to do so if such authority is granted to them in the loan documents. If this authority does exist it is usually found in the deed of trust section for escrow or on the note. If no such authorization is given to the lender, the borrower may seek an injunction against the opening of the escrow account with his or her permission.

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