krrf
Wholenote
Posts: 376
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Post by krrf on Mar 26, 2022 9:29:39 GMT -5
It's that time again... time for the mortgage company to screw up the calculation for property taxes. I've seen this every year and it's getting damn frustrating. Our county has a two-part property tax bill and sends out an annual statement that shows both payments combined for a total. My mortgage company without fail manages to calculate this as 2 x the total without fail. It'll take an hour or two of yelling on the phone to get it corrected. Is it possible to take over control of your own taxes/insurance without refinancing your whole loan?
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Post by Mfitz804 on Mar 26, 2022 9:54:18 GMT -5
I THINK your lender has the discretion to cancel the escrow account, but it depends on the type of loan and I don’t think they have to do it. Obviously a history of timely payments probably helps.
Personally, I like having my taxes in there so that I don’t have to worry and so I can “pay” monthly instead of quarterly. But I have always paid my own insurance.
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Post by slacker 🐨 on Mar 26, 2022 18:57:17 GMT -5
I've done the escrow thing since '93. We have the semi annual bill too. Never had an issue. You need a smarter mortgage company.
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Post by fkaJimmySee on Mar 26, 2022 20:06:36 GMT -5
The answer is "depends." When we had a loan on a second/part time residence, I liked having he mortgage company handle taxes through payment escrow -- I was not always at the residence and had fears of tax documents/bills getting misplaced.
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Post by Mfitz804 on Mar 26, 2022 20:09:20 GMT -5
The answer is "depends." When we had a loan on a second/part time residence, I liked having he mortgage company handle taxes through payment escrow -- I was not always at the residence and had fears of tax documents/bills getting misplaced. I spend the whole spring/summer watching my parents’ mail while they are away to make sure this doesn’t happen. I have tried to convince them to sign up for automatic payments with the bank, or just to pay it online like they do with every other bill, but they don’t believe me that it can be done. It definitely can. |
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