I am wanting to just take over paying taxes and insurance myself.
2007-06-20 03:45:48 · 7 answers · asked by Musicman 2 in Business & Finance ➔ Renting & Real Estate
Ask. Some lenders or mortgage servicing companies will allow you to do so if you have strong credit and a stable mortgage payment history.
When I re-finance my home 4 years ago, I asked if we could drop the impound account. They called me back 10 minutes later and said, "Sure!" They pulled escrow account AFTER we had closed on the loan -- we just executed an amemdment to the mortgage contract deleting the impound account. There is no need to re-fi just to remove the impound account though some lenders could require that if they wanted to.
2007-06-20 03:49:18 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
That decision rests with the holder of the mortgage note and the contract you signed. Some will allow it and others will not.
If you got the escrow at your behest when you took the mortgage, it will probably take only a phone call or two to the mortgage servicing department. If you were required to have escrow as a condition of receiving the mortgage, be prepared to show financial evidence as to why there should no longer be an escrow requirement.
2007-06-20 10:56:14 · answer #2 · answered by acermill 7 · 0⤊ 1⤋
well 'musicman', that's usually in place for the benefit of the buyer. It is called and impound acct by the lender and you can remove that simply by paying the taxes and insurance in full for the subsequent year.
It will come back to the branch as over paid and you will not have a deduction in your impound.
do that annually and your payments will go down for those amts.
2007-06-20 10:56:17 · answer #3 · answered by CW L 3 · 1⤊ 0⤋
Do you mean the account maintained by your mortgage company, where money is collected and then paid out to your insurance company and tax assessor? If so, then yes, they will let you pay the bills yourself, but why would you want to? Let them do the paperwork. It does not save you any money to do it yourself. And then, you have the headache of making sure the payments are made on time.
2007-06-20 10:57:17 · answer #4 · answered by rowlfe 7 · 1⤊ 1⤋
Talk to the mortgage company, but I doubt they will do that. Since THEY are actually the owners of the house, it's their call as to how these items are paid.
2007-06-20 10:53:17 · answer #5 · answered by Marvinator 7 · 0⤊ 2⤋
You have to refinance to remove your escrow of taxes and insurance. There is no other way.
2007-06-20 10:53:46 · answer #6 · answered by Deme21 2 · 0⤊ 3⤋
Just call your mortgage company................these other people are guessing and don't know the mortgage industry
2007-06-20 10:48:44 · answer #7 · answered by bowling301301 2 · 0⤊ 1⤋