[[[I need help explaining "Escrow"!]]]

Question

I need help explaining what ESCROW is to one of my clients. I am in charge of her loan modification, but she is unable to tell me whether or not her taxes and insurance (impuestos & seguros?) are Escrowed into her monthly payment or if they are paid separately and annually. A tall order, I know. Hopefully some one can help me!! Thank you.

Answer 1

Alright, here you are, I believe...

Propietarios de una vivienda frecuentemente pagan dinero para el seguro o los impuestos en la casa en una cuenta de plica (o "escrow") y utilizan el dinero en la cuenta de plica cuando las facturas están pagaderas.

That's just an explanation of an "escrow account." Let me know if you need it in question form. - randomaccount65, Jul 18, 2011

That's perfect.. Thank you for checking back!! :) - landonshep, Jul 18, 2011

Answer 2

Property taxes are usually called predial rather than impuesto around here.

Answer 3

uh.. what?

I just dont understand how that applied to her home mortgage and whether or not it is included in her monthly payment..? - landonshep, Jul 18, 2011

Ah, sorry, I didn't read correctly. I thought you meant an escrow as in a sealed will. Give me another minute... - randomaccount65, Jul 18, 2011

Answer 4

There's a word, "plica" that means escrow. If that doesn't work, then try these two explanations: 1) "un contrato o convenio en virtud del cual una persona transmite bienes, cantidades de dinero o derechos de su propiedad a otra persona para que ésta administre o invierta los bienes en beneficio propio o en beneficio de un tercero, llamado fideicomisario." Or 2) "escrito sellado referente a alguna condición o requisito."