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Terms Used In North Carolina General Statutes 45-92

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3

Any servicer that exercises the authority to collect escrow amounts on a home loan held or to be held for the borrower for insurance, taxes, and other charges with respect to the property shall collect and make all payments from the escrow account, so as to ensure that no late penalties are assessed or other negative consequences result. The provisions of this section shall apply regardless of whether the loan is delinquent or in default unless the servicer has a reasonable basis to believe that recovery of these funds will not be possible or the loan is more than 90 days in default. (2007-351, s. 5.)