I'm in Switzerland and there's no thing like the escrow account you've
mentioned - thanks.
It is in general use here. The mortgage holder wants to be protected
against insurance premiums or tax bills not paid. So along with the
mortgage payments of interest and principle (mortgages here are
amortized mortgages) payments into a fund held and from which tax bills
and insurance premiums are paid (this amount adjusted annually so that
the fund will always have in it enough to pay these bills as they become
due << that way they KNOW were paid, they paid them >> Legally the
funds still belong to the property owner.
What happens in Switzerland should property insurance lapse (and there
is a loss, perhaps total) or tax bills not paid and the property seized
by the state? Is the mortgage holder simply out of luck?
Michael D Novack
_______________________________________________
gnucash-user mailing list
gnucash-user@gnucash.org
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
