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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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OMG...I recommend you do NOT escrow your taxes
I just got a letter from my mortgage company, actually an "escrow analysis"  and they want to start collecting more money monthly to keep in escrow. Basically, my school tax payment is $706/mo. (they dont collect for property taxes b/c they f'd that up at closing) but they want to start collecting $970/mo. from us...so basically they will be collecting an additional $264/mo. to sit in escrow. What is the rationale in that?!? I would rather put $706/mo. into an ING account and earn interest off of my own money than give my mortgage company an extra $264 a month just to hang on to which adds up to roughly $3,100 a year. On top of that the $706 is more than enough to cover my yearly school taxes, plus I got approved for STAR so they are actually less than what they are collecting for  My mortgage is with Countrywide...I wonder if they are trying to "steal" our money considering the fact they are basically bankrupt 
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Posted 3/3/08 10:50 PM  |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: OMG...I recommend you do NOT escrow your taxes
That s*cks!! But I don't think they can steal your money. Any extra in escrow they will send you back at the end of the year. Not the ideal situation
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| Posted 3/4/08 12:11 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: OMG...I recommend you do NOT escrow your taxes
oh, i've so been there. My mortgage/escrow was a MESS the first 18 months!
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| Posted 3/4/08 6:44 AM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: OMG...I recommend you do NOT escrow your taxes
But I don't think they can steal your money.Any extra in escrow they will send you back at the end of the year. Not the ideal situation
I didnt mean it literally...I was just being sarcastic  And I always have extra $$$ in escrow and I have never, ever gotten a check for it from my mortgage company
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| Posted 3/4/08 7:15 AM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: OMG...I recommend you do NOT escrow your taxes
We have countrywide as well.
We do not have an escrow account
we pay our taxes on our own 4 times a year.
This is exactly why we decided against doing that.
That s u c k s they are doing that
Other than that, have you heard anything about when they are being taken over?
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| Posted 3/4/08 7:24 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: OMG...I recommend you do NOT escrow your taxes
Posted by niikki-8-18-06
That s*cks!! But I don't think they can steal your money. Any extra in escrow they will send you back at the end of the year. Not the ideal situation
Yes. By law they can't keep too much of a surplus in your account. So if they need to take more money from you, there has to be a good reason for it.
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| Posted 3/4/08 9:38 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: OMG...I recommend you do NOT escrow your taxes
i am so sorry this is happening to you. is there anyway you can "opt out" of the escrow?
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| Posted 3/4/08 9:47 AM |
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MrsSteflily
I love chocolate
Member since 4/06 2047 total posts
Name:
Stef
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Re: OMG...I recommend you do NOT escrow your taxes
We have countrywide and our monthly escrow went up only $20. I can deal with that. Over $200 I could not.
Can you call them and question it? Is it possible to stop escrowing at this point?
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| Posted 3/4/08 9:51 AM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: OMG...I recommend you do NOT escrow your taxes
Can you call them and question it? Is it possible to stop escrowing at this point?
Yes I called. They told me I can opt out after they pay my April 1 school taxes.
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| Posted 3/4/08 2:44 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: OMG...I recommend you do NOT escrow your taxes
Posted by jellybean1420
Can you call them and question it? Is it possible to stop escrowing at this point?
Yes I called. They told me I can opt out after they pay my April 1 school taxes.
Well that is great news now you can control everything and don't have to give them anything extra. 
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| Posted 3/4/08 2:50 PM |
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