[GNC] Entering my real estate and mortgage?

[Michael or Penny Novack]

> I'm in Switzerland and there's no thing like the escrow account you've 
> mentioned - thanks.
>
It is in general use here. The mortgage holder wants to be protected 
against insurance premiums or tax bills not paid. So along with the 
mortgage payments of interest and principle (mortgages here are 
amortized mortgages) payments into a fund held and from which tax bills 
and insurance premiums are paid (this amount adjusted annually so that 
the fund will always have in it enough to pay these bills as they become 
due << that way they KNOW were paid, they paid them >>  Legally the 
funds still belong to the property owner.

What happens in Switzerland should property insurance lapse (and there 
is a loss, perhaps total) or tax bills not paid and the property seized 
by the state? Is the mortgage holder simply out of luck?

Michael D Novack