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DAVEZ
Joined: 13 Sep 2007
Posts: 3
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| Posted: Thu Sep 13, 2007 7:48 pm Post subject: Escrow Account Help!! |
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Hey guys,
I'm and accountant and i work for this company who bought a resort a few years ago. Now from what i see on the escorw statements from all the mortgage comapnys they seem to be taking more money than nessacary to cover taxes and insurance...
my question is are mortgage companys allowed to legally stop me from getting rid of my escorw account?
I spoke to citimortgage and gave me some bull about how becuase we missed one payment you have to wait 1 yr before you can remove escrow account....
any help would be great |
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jrhartman
Joined: 01 Apr 2007
Posts: 107
Location: Michigan
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| Posted: Thu Sep 13, 2007 8:50 pm Post subject: Re: Escrow Account Help!! |
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DAVEZ wrote: Hey guys,
I'm and accountant and i work for this company who bought a resort a few years ago. Now from what i see on the escorw statements from all the mortgage comapnys they seem to be taking more money than nessacary to cover taxes and insurance...
my question is are mortgage companys allowed to legally stop me from getting rid of my escorw account?
I spoke to citimortgage and gave me some bull about how becuase we missed one payment you have to wait 1 yr before you can remove escrow account....
any help would be great
An annual escrow analysis should be done by the mortgage company that should either correct any overages or shortages to the account. Different lenders will have different requirements for waiving your escrow account. LTV sometimes comes into consideration and if you are asking your current company to waive them then payment history will be considered in most cases too because letting someone waive their escrow account is a higher risk for the lender |
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DAVEZ
Joined: 13 Sep 2007
Posts: 3
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| Posted: Fri Sep 14, 2007 12:41 pm Post subject: |
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thnxs for the help!!
just made my life a lot easier...now i don't have to call up 200 individual mortgages and fight to get rid of the escrow account..lol..
we're pretty much behind on all the houses except for 5/6 which should meet requirements... |
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hsosa
Joined: 23 Sep 2007
Posts: 7
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| Posted: Mon Sep 24, 2007 3:47 am Post subject: |
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| if its by Fannie mae and its conforming you can drop escrows. B/C and nonconformings requirement. especially if you missed payments. Good Luck. |
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