He also talked about the key turning points in his career which include seven failed escrows in a week and the loss of his father.

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Mr. GARRON: From what my office has seen in the area, we say about 50 to 60 percent of the escrows are failing, and it's all tied into the financing.

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Of course, lenders are quick to point out that escrows are not actually a cost since they are just establishing the escrow reserves to pay your taxes and insurance, but it is a sum of money above and beyond the principal balance of the mortgage you are refinancing and it has to be funded by somebody!

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