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Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage).
Escrow Account. An escrow account is a sum of money accrued through your loan and used to pay taxes and insurance payments. Deposited by the borrower and managed by the lender, the escrow account exists to make necessary payments related to the property.The payments help to protect both the lender and borrower's interests.oan Modification. Job loss, income decrease, divorce, birth of a child and other changes of circumstances can be grounds for a loan modification. Lenders offer their borrowers opportunities to redeem themselves when it comes to their loans through the modification process.