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Old 01-24-2006, 02:39 PM
Junior Member
  
Join Date: Jan 2006
Posts: 1

Double Escrows

What is the name of your state? NM

I have different opinions as to a double escrow is allowed in New Mexico. Some says it is illegal. Some other say it is constitutionally protected.

Who is correct? Where can I find such law?

A related question is "What is the difference between a policy and a legal requirement?" This question arises in the following manner.

HUD has a policy to state that a FHA backed mortgage is required to be seasoned to sell the associated property. But the lender is not required to follow this policy. Is this true?

Thank you
  #2  
Old 01-24-2006, 11:40 PM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by MyLaw
What is the name of your state? NM

I have different opinions as to a double escrow is allowed in New Mexico. Some says it is illegal. Some other say it is constitutionally protected.

Who is correct? Where can I find such law?

**A: it is not illegal.
*******

A related question is "What is the difference between a policy and a legal requirement?" This question arises in the following manner.

HUD has a policy to state that a FHA backed mortgage is required to be seasoned to sell the associated property. But the lender is not required to follow this policy. Is this true?

Thank you

**A: yes it is.
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