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Discontinuing Escrow |
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Dear Edith: I would like to discontinue my escrow account with my mortgage company, and instead be responsible to pay my taxes and insurance myself. How do I go about this? My experience with them has not been good and I would like to know the accepted practice for discontinuing escrow accounts before I actually speak to them. |
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Different rules apply to different kinds of mortgages, and I haven't seen the documents you signed when you took out that loan. In most cases, you can't drop the escrow requirement. Once in a while you're allowed to after your equity in the house reaches a certain amount. You might as well inquire directly of the lender to find out where you stand |
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Edith
Originally published on May 29, 2005 |
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