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Removal of an Escrow Account
https://mail.chicagofanatics.com/viewtopic.php?f=47&t=125012		 Page 1 of 1
Author:  Ron Wolfley [ Mon Mar 29, 2021 5:21 pm ]
Post subject:  Removal of an Escrow Account
Anyone have experience with removing an active escrow account?
Author:  Seacrest [ Mon Mar 29, 2021 5:22 pm ]
Post subject:  Re: Removal of an Escrow Account
Ron Wolfley wrote:
Anyone have experience with removing an active escrow account?


You mean taking over your own escrow?
Author:  Ron Wolfley [ Mon Mar 29, 2021 5:28 pm ]
Post subject:  Re: Removal of an Escrow Account
Seacrest wrote:
Ron Wolfley wrote:
Anyone have experience with removing an active escrow account?


You mean taking over your own escrow?


Yes? I don't wish to pay into my escrow account anymore as I want to pay my property taxes and homeowners insurance myself.
Author:  Douchebag [ Mon Mar 29, 2021 5:38 pm ]
Post subject:  Re: Removal of an Escrow Account
Move?
Author:  Jaw Breaker [ Mon Mar 29, 2021 5:49 pm ]
Post subject:  Re: Removal of an Escrow Account
Most lenders will require that the loan to value ratio is below a certain threshold. Escrow protects them from borrowers who stop paying taxes/insurance and leave the lender with the bills.
Author:  K Effective [ Mon Mar 29, 2021 5:54 pm ]
Post subject:  Re: Removal of an Escrow Account
Douchebag wrote:
Move?


Nah, just write it off. All the big companies do it.
Author:  Ron Wolfley [ Mon Mar 29, 2021 7:09 pm ]
Post subject:  Re: Removal of an Escrow Account
Jaw Breaker wrote:
Most lenders will require that the loan to value ratio is below a certain threshold. Escrow protects them from borrowers who stop paying taxes/insurance and leave the lender with the bills.


The insurance was recently renewed without a letter, call, or email notifying me beforehand. When I called my mortgage company, they explained to me all of the times they reached out to insurance and insurance with the mortgage company. It seems neither tried to contact me :lol: :lol: I don't think that's very chill.

Later on in the conversation, I found out I overpaid into my escrow account this past year because the property taxes decreased in 2020. The lady on the phone said the check was sent out in December. And of course I never received a check.

For a first time homeowner, I am learning that this escrow stuff is bullshit and a big headache. They're making money off of the escrow balance just sitting there when I could be using it to invest.
Author:  Ron Wolfley [ Mon Mar 29, 2021 7:12 pm ]
Post subject:  Re: Removal of an Escrow Account
My loan to value ratio is below 80%. Thanks Jaw Breaker. Hopefully the request is approved.
Author:  Seacrest [ Mon Mar 29, 2021 7:17 pm ]
Post subject:  Re: Removal of an Escrow Account
Ron Wolfley wrote:
Jaw Breaker wrote:
Most lenders will require that the loan to value ratio is below a certain threshold. Escrow protects them from borrowers who stop paying taxes/insurance and leave the lender with the bills.


The insurance was recently renewed without a letter, call, or email notifying me beforehand. When I called my mortgage company, they explained to me all of the times they reached out to insurance and insurance with the mortgage company. It seems neither tried to contact me :lol: :lol: I don't think that's very chill.

Later on in the conversation, I found out I overpaid into my escrow account this past year because the property taxes decreased in 2020. The lady on the phone said the check was sent out in December. And of course I never received a check.

For a first time homeowner, I am learning that this escrow stuff is bullshit and a big headache. They're making money off of the escrow balance just sitting there when I could be using it to invest.


Your insurance company should be sending you, and the mortgage company an insurance renewal quote. We have received one from State Farm for more than 30 years.

Our new mortgage was less than 80% loan to value. We do not escrow
Author:  Ron Wolfley [ Mon Mar 29, 2021 8:13 pm ]
Post subject:  Re: Removal of an Escrow Account
Seacrest wrote:
Ron Wolfley wrote:
Jaw Breaker wrote:
Most lenders will require that the loan to value ratio is below a certain threshold. Escrow protects them from borrowers who stop paying taxes/insurance and leave the lender with the bills.


The insurance was recently renewed without a letter, call, or email notifying me beforehand. When I called my mortgage company, they explained to me all of the times they reached out to insurance and insurance with the mortgage company. It seems neither tried to contact me :lol: :lol: I don't think that's very chill.

Later on in the conversation, I found out I overpaid into my escrow account this past year because the property taxes decreased in 2020. The lady on the phone said the check was sent out in December. And of course I never received a check.

For a first time homeowner, I am learning that this escrow stuff is bullshit and a big headache. They're making money off of the escrow balance just sitting there when I could be using it to invest.


Your insurance company should be sending you, and the mortgage company an insurance renewal quote. We have received one from State Farm for more than 30 years.

Our new mortgage was less than 80% loan to value. We do not escrow


They said they sent something in the mail 30-45 days before the renewal date but I never received it. There's a small chance it was tossed but I'm pretty good with that stuff. You think in 2021, an automated email or phone call could be done too.

My loan to value ratio was below 80% even when the mortgage started. I had no idea you could waive the escrow and didn't know enough to ask the question. I believe at the time I was told it may affect the interest rate? It could be the fact that I was a first-time home buyer and/or the loan officer makes commission?
Author:  Seacrest [ Mon Mar 29, 2021 8:17 pm ]
Post subject:  Re: Removal of an Escrow Account
Ron Wolfley wrote:
Seacrest wrote:
Ron Wolfley wrote:
Jaw Breaker wrote:
Most lenders will require that the loan to value ratio is below a certain threshold. Escrow protects them from borrowers who stop paying taxes/insurance and leave the lender with the bills.


The insurance was recently renewed without a letter, call, or email notifying me beforehand. When I called my mortgage company, they explained to me all of the times they reached out to insurance and insurance with the mortgage company. It seems neither tried to contact me :lol: :lol: I don't think that's very chill.

Later on in the conversation, I found out I overpaid into my escrow account this past year because the property taxes decreased in 2020. The lady on the phone said the check was sent out in December. And of course I never received a check.

For a first time homeowner, I am learning that this escrow stuff is bullshit and a big headache. They're making money off of the escrow balance just sitting there when I could be using it to invest.


Your insurance company should be sending you, and the mortgage company an insurance renewal quote. We have received one from State Farm for more than 30 years.

Our new mortgage was less than 80% loan to value. We do not escrow


They said they sent something in the mail 30-45 days before the renewal date but I never received it. There's a small chance it was tossed but I'm pretty good with that stuff. You think in 2021, an automated email or phone call could be done too.

My loan to value ratio was below 80% even when the mortgage started. I had no idea you could waive the escrow and didn't know enough to ask the question. I believe at the time I was told it may affect the interest rate? It could be the fact that I was a first-time home buyer and/or the loan officer makes commission?


I've never heard of it effecting your interest rate before.

You can call them and they are required to tell you if you need to escrow,
Author:  Ron Wolfley [ Mon Mar 29, 2021 8:37 pm ]
Post subject:  Re: Removal of an Escrow Account
Seacrest wrote:
Ron Wolfley wrote:
Seacrest wrote:
Ron Wolfley wrote:
Jaw Breaker wrote:
Most lenders will require that the loan to value ratio is below a certain threshold. Escrow protects them from borrowers who stop paying taxes/insurance and leave the lender with the bills.


The insurance was recently renewed without a letter, call, or email notifying me beforehand. When I called my mortgage company, they explained to me all of the times they reached out to insurance and insurance with the mortgage company. It seems neither tried to contact me :lol: :lol: I don't think that's very chill.

Later on in the conversation, I found out I overpaid into my escrow account this past year because the property taxes decreased in 2020. The lady on the phone said the check was sent out in December. And of course I never received a check.

For a first time homeowner, I am learning that this escrow stuff is bullshit and a big headache. They're making money off of the escrow balance just sitting there when I could be using it to invest.


Your insurance company should be sending you, and the mortgage company an insurance renewal quote. We have received one from State Farm for more than 30 years.

Our new mortgage was less than 80% loan to value. We do not escrow


They said they sent something in the mail 30-45 days before the renewal date but I never received it. There's a small chance it was tossed but I'm pretty good with that stuff. You think in 2021, an automated email or phone call could be done too.

My loan to value ratio was below 80% even when the mortgage started. I had no idea you could waive the escrow and didn't know enough to ask the question. I believe at the time I was told it may affect the interest rate? It could be the fact that I was a first-time home buyer and/or the loan officer makes commission?


I've never heard of it effecting your interest rate before.

You can call them and they are required to tell you if you need to escrow,


I'm going to send in a hand-written letter. I'm looking forward to the approval!
Author:  pittmike [ Mon Mar 29, 2021 8:54 pm ]
Post subject:  Re: Removal of an Escrow Account
One little side note. Escrow or not I use an insurance guy not some dope at Nationwide or whomever corporate. Talk to him about homeowners, cars etc few times a year.
Author:  Douchebag [ Mon Mar 29, 2021 9:38 pm ]
Post subject:  Re: Removal of an Escrow Account
Call David Hochberg
Author:  redskingreg [ Tue Mar 30, 2021 12:11 am ]
Post subject:  Re: Removal of an Escrow Account
They have to eliminate the escrow if you’re under 80%. Hopefully that happens ASAP.

Way back when I first bought my house, they jacked up my escrow by like $500/month. This was a ton of money at the time (I’m no longer a poor), so I called to complain about how ridiculous it was. They wouldn’t budge. I scraped by and paid on time the entire year. End of the year, those fuckers send me a $5k check for overpaid escrow. Fucking Wells Fargo.
Author:  BigW72 [ Tue Mar 30, 2021 10:19 am ]
Post subject:  Re: Removal of an Escrow Account
I only did it twice....both times were part of a refinance from FHA to conventional.

Right now (at least in this area) home values are very high, so it should be pretty easy to have your equity in your favor. My just require an appraisal which would be easily worth the appraisal cost.
Author:  Ron Wolfley [ Tue Mar 30, 2021 12:35 pm ]
Post subject:  Re: Removal of an Escrow Account
I'm disappointed it was explained to me by the loan officer before signing that not having an escrow account is unheard of. But, I'm glad I'm learning early on that is absolutely not true. I can see the pros and cons with escrow. For me, it's too much frustration.
Author:  denisdman [ Tue Mar 30, 2021 12:43 pm ]
Post subject:  Re: Removal of an Escrow Account
Ron Wolfley wrote:
I'm disappointed it was explained to me by the loan officer before signing that not having an escrow account is unheard of. But, I'm glad I'm learning early on that is absolutely not true. I can see the pros and cons with escrow. For me, it's too much frustration.


I do not escrow for my homes. But loan officers default to escrow unless you ask to waive it. I hate escrows because they always have too much or too little in them and your payment changes significantly after they do the annual escrow analysis.
Author:  Seacrest [ Tue Mar 30, 2021 12:57 pm ]
Post subject:  Re: Removal of an Escrow Account
Douchebag wrote:
Call David Hochberg


Die in a Fire.

Ric Edeleman


That's rice delman.com
Author:  Brick [ Tue Mar 30, 2021 12:58 pm ]
Post subject:  Re: Removal of an Escrow Account
I ask them to overpay into my Escrow account. Just like when I get my big tax refund at the end of the year it's like free money.
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