Definition of Impound:
Impound accounts are often required of borrowers who put down less than 20%. The purpose of the impound account is to protect the lender. Because low down-payment borrowers are considered high risk, the impound account assures the lender that the borrower will not lose the home because of liens or loss, as the lender pays insurance, taxes, etc., from the impound account when they are due. However, buyers don't need to maintain impound accounts forever. Once sufficient equity (usually 20%) is achieved, lenders can often be convinced to close the impound account.
To seize or take into control or custody, often with the understanding that the item will be returned after the purpose of impounding is served.
Impound is an account maintained by mortgage companies to collect amounts such as hazard insurance, property taxes, private mortgage insurance, and other required payments from the mortgage holders. These payments are necessary to keep the home but are not technically part of the mortgage.
Seize and take legal custody of (something, especially a vehicle, goods, or documents) because of an infringement of a law or regulation.
(of a dam) hold back or confine (water).
Shut up (domestic animals) in a pound or enclosure.
Synonyms of Impound
Confiscate, Appropriate, Take possession of, Seize, Commandeer, Expropriate, Requisition, Sequester, Sequestrate, Take, Pen in, Shut in, Shut up, Fence in, Coop up, Hem in, Box in, Hedge in, Rail in, Annex, Attach, Beleaguer, Beset, Besiege, Blockade, Bottle up, Bound, Box in, Box up, Cage, Chamber, Check, Cloister, Close in, Collectivize, Commandeer, Communalize, Communize, Compass, Confine, Confiscate, Constrain, Contain, Coop, Coop in, Coop up, Cordon, Cordon off, Cork up, Corral, Crib, Detain, Distrain, Encage, Encircle, Enclose, Encompass, Enshrine, Expropriate, Fence in, Garnish, Hedge in, Hem in, Hold, Hold in custody, Hold in restraint, House in, Immure, Impress, Imprison, Incarcerate, Include, Inhibit, Jail, Keep in, Keep in custody, Keep in detention, Kennel, Leaguer, Levy, Mew, Mew up, Nationalize, Pen, Pen in, Pen up, Pocket, Pound, Press, Quarantine, Rail in, Replevin, Replevy, Restrain, Restrict, Seal up, Sequester, Sequestrate, Shackle, Shrine, Shut in, Shut up, Socialize, Stable, Surround, Wall in, Wrap, Yard, Yard up
How to use Impound in a sentence?
- Vehicles parked where they cause an obstruction will be impounded.
- It will impound a reservoir 130 miles long.
- The cattle were rounded up and impounded.
Meaning of Impound & Impound Definition