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Updated almost 11 years ago on . Most recent reply

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66
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6
Votes
Robert Carpenter
  • Montclair, NJ
6
Votes |
66
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PITI payments

Robert Carpenter
  • Montclair, NJ
Posted

In a PITI payment are all four portions normally paid as a lump sum to the mortgage company which then sends the accumulated insurance payments to the insurance company once a year and the accumulated tax payment in accordance with the county's billing period ? And if so what happens when the mortgage is paid off ? Shouldn't the mortgagor refund all prepaid property tax and insurance premiums to the homeowner on the day the mortgage is 'satisfied' ?

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