First year homeowner here. Shortly after we got our mortgage it was sold to a servicer named loan care LLC. Our homeowners insurance bill was due on 12/27/20 and it did not get paid via our escrow account even though a bill was generated. It seems that the bill that the insurance company sent was to our old mortgage holder and not the new servicer so I am assuming that this is why the insurance was not paid.
Was / is it my responsibility to make sure the insurance company and city have the new loan holders address for proper billing of insurance and taxes?
If this address issue is not something that is my responsibility does the loan servicer have to pay any late fees?
Also would it be a good idea to go ahead and pay out of pocket for the home owners insurance outside of escrow? I’d like to avoid this if possible as I’m sure I’d be reimbursed with a escrow credit… I’d prefer to keep my money in a savings account instead of an escrow account, as the saving account would earn interest.
Also does anyone have any additional wise suggestions / things that would be wise to check since our loan was switched to loan care for servicing?
Thank you for taking a moment to answer my questions.