Escrow 101 and 102

In the fall of 2021, Michael McCormick provided subscribers with an EXCELLENT, expository, seven-part outline on mortgage escrow.   This information is just as relevant today as when we first published it with one important update . . . When the next escrow analysis is performed and the servicer has received less than 12 payments of escrow (and often zero, as is often the case after the borrower received a forbearance during the COVID pandemic), the escrow balance will be far less than anticipated!!

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McCormick2
Senior Partner at McCalla Raymer Leibert Pierce, LLC

Michael McCormick is a senior partner with the bankruptcy department at McCalla Raymer Leibert Pierce, LLC. Mr. McCormick has been with the firm since 2004 and currently assists in bankruptcy representation for dozens of mortgage lenders and servicers nationwide. He is a graduate of Wake Forest University School of Law and the University of Western Ontario. Michael is a frequent speaker and author on various topics related to bankruptcy, including the handling of escrow accounts during a bankruptcy proceeding, and the recent bankruptcy form changes. He is also a member of numerous local and national bankruptcy organizations.

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