Posted by Bill K. (AZ) on January 24, 2000 at 16:57:26:
mq,
“Running into hard times” is exactly the reason that the bank wants to handle your escrow account. It’s for their protection. When they pay the insurance premium, they are assured that their interest is protected. When they pay the taxes, they don’t get a nasty surprise should they need to foreclose on the property.
Sorry for the bad news.
Bill K. (AZ)
Why can’t I close my escrows? - Posted by mq
Posted by mq on January 24, 2000 at 13:07:13:
Had I been told that it wasn’t possible to close my escrows I never would have signed papers to setup the accounts. Is there any way to do this?
Re: Why can’t I close my escrows? - Posted by chris
Posted by chris on January 24, 2000 at 13:10:53:
mq-
Please leave more detail explaining the problems you are running into. The post you have is pretty vague.
-Chris
Re: Why can’t I close my escrows? - Posted by mq
Posted by mq on January 24, 2000 at 13:15:34:
I have a mortgage payment. I have run into hard times and would like to pay P&I only. I thought I could reduce my monthly payment by just closing my escrow accounts and pay my insurance and taxes on the side. Why let the bank play with that money when I could do it myself. What do you think?
Re: Why can’t I close my escrows? - Posted by Glenn OH
Posted by Glenn OH on January 24, 2000 at 20:23:33:
Also, if you let the insurance lapse, the lender will buy insurance for you, at about 4-5 times your rates. I found this out when the insurance company notified the wrong mortgage company about a cancelled policy.