Profile picture for user2037182

escrow taxes is obligatory or optional in a mortgage from 2006

my mortgage was with Wachovia,  now wells fargo  i do not want to escrow my taxes anymore but my request was denied by wells fargo. please help.
  • September 15 2012 - Hollywood
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Answers (5)

Profile picture for user2037182
my mortgage was with wachovia and wells fargo took over but i di not sign a document to escrow my taxes for the life of the loan. i will get attorney advised on monday. thank you  and have a good week end.
  • September 15 2012
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Profile picture for Outer Banks N C
Unless you start the mortgage with out escrow finds there will be escrow funds. Banks want the security and they won't easily give it up. When I had a mortgage I tried many times to get rid of the escrow and never could.

Tim
  • September 15 2012
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Profile picture for SoCal Engr
The lender is always concerned that you maintain the taxes and insurance - that is a protection on their collateral against the loan.

I get wanting to have more control over your finances. I have no escrow (for either tax or insurance), but that was arranged when the mortgage was secured.

What I don't get is why you're so worked up over this. Unless the lender has been screwing up the escrow account and you are trying to get more control, it's not like there are a lot of short-term vehicles you can put the money into that pay any decent returns.
  • September 15 2012
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Profile picture for user2037182
i have equity in my home for 50  o 75 thousands, remember i live here for a long time. i just find unreal that the bank is concerned about my taxes and no one cares about the taxes of all the houses that are now in foreclosure and the owners are living in those house whitout paying for 3 years. maybe i should do that..
  • September 15 2012
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Profile picture for wetdawgs
What is your current loan to value ratio for the home?

  • September 15 2012
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