I want to cancel my escrow account but my mortgage company is saying I can't because I was late with a payment

Question

What can I do since I never received any rules or policies in writing when I set up my account. My escrow account was not a requirement it was something I set up on my own

Answer 1

You need to look at your mortgage papers to determine what penalties are present when you are late with a payment. They may have a clause where an escrow becomes required if you are ever late with a payment. If no such clause exists then you have a course of action.

Answer 2

Once the account is set up the mortgage servicing company is under no obligation to release you from it. If you are late with a payment within one to two years it's common for them to refuse to release you from the escrow requirement.

Answer 3

no longer except they gave you a letter telling you which you have been in the back of and to make up the quantity that this could be your advance month-to-month till finally all grew to become into caught up. in the event that they did and you probably did no longer comply then confident they probably can

Answer 4

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