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Search: "Escrow account"

 
 

Asked 04/17/2008 01:35 pm CT (Bellevue, NE)

my parents left their home to my daughter and i in their will. The title to the home is in my name and her name. She is 13 (a minor). How can I get a mortage or Escrow Account for taxes or anything since she is 13? Or how can I get her name off of the title to the house?

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Asked 03/18/2008 01:36 pm CT (Orlando, FL)

i refi'd last year and have taxes and insurance escrowed. I want to take over the paying the taxes and insurance and not use escrow. My lender told me i would have to refi to change it so i did not use an escrow account. Can mortgage escrow accounts be modified or not used without refi'ing again.

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Asked 08/08/2006 10:02 am CT (Burnsville, MN)

I purchased a mortgage with Principal bank about 3 years ago. At the time I was asked if I wanted to open an escrow account. I did. Citimortage had brought my mortgage from Principal bank in 2004. My Escrow account was rolled over to them. Since Citimortgage took over my account my Escrow was adjusted three times. I am not comfortable with Citimortgage and want to remove my Escrow account. Citimortgage is stating that MN state law requires that I keep the Escrow for 5 years. I explained to them when I took this mortgage out Principal bank gave me a choice whether I wanted to have an escrow or not. I do have real estate agent training and never heard of such a law. My note terms should not be changed because Citimortgage assumed the note. IAm I correct in my thinking? If so could you tell me who I would write to challenge citimortgage? Thanks for your time Diane

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Hi Diane, The lender has the right to ask you to continue paying escrows. That is a risk factor ...

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Asked 03/09/2006 10:16 am CT (manchester, NH)

I have a question that my current mortgage co. wont answer as my home is currently listed under my husband's bankruptcy but is due to be discharged by April 16th. I wanted to know if I could close my escrow account in order to pay my own taxes and insurance, the current mortgage balance is 205,000 and I have approx. 21% equity from original purchase? I would think as long as there is 20% equity it should be my choice?

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Yes and No... As odd as it may sound, most lenders will charge you to not escrow. The reason, if ...

[ Total Answers: 1 ]