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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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We decided not to escrow our taxes anymore.
Because we don't have star this year, our taxes went up $1000.  Fine, whatever, we can handle it for a year.
But the bank tells us they are going to increase our mortgage payment an extra $200 a month!! WHAT? We have to pay $2400 for $1000? Thats A LOT extra. So we decided we will put money aside each month and pay the tax bill on our own. They'll send us a check for the money we have in escrow so we can pay the first half of 2008. How annoying.
Those of you who don't escrow your taxes, do you keep that money in a separate account?
Message edited 12/20/2007 3:58:21 PM.
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Posted 12/20/07 3:57 PM  |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: We decided not to escrow our taxes anymore.
We keep the tax money in our money market.
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| Posted 12/20/07 3:59 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: We decided not to escrow our taxes anymore.
We have a certain amount that goes into ing every month automatically and by the time the first half is due we have enough to pay the whole year.
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| Posted 12/20/07 7:05 PM |
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ali120206
2 Boys
Member since 7/06 17790 total posts
Name:
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Re: We decided not to escrow our taxes anymore.
Posted by csorisi
We have a certain amount that goes into ing every month automatically and by the time the first half is due we have enough to pay the whole year.
This is what we plan on doing as well (for the first year of taxes, we had the money set aside already).
Message edited 12/20/2007 7:31:56 PM.
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| Posted 12/20/07 7:31 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: We decided not to escrow our taxes anymore.
But the bank tells us they are going to increase our mortgage payment an extra $200 a month!! WHAT? We have to pay $2400 for $1000?
Something similar happened to us this year...it increased more than it should have b/c apparently they weren't taking enough money for escrow last year so I was in deficit. They only re-evaluate your account (taxes & escrow) once, maybe twice a year...it's a PIA!!! I am thinking about doing the same.
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| Posted 12/20/07 7:56 PM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: We decided not to escrow our taxes anymore.
Posted by bicosi
We keep the tax money in our money market.
us too...
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| Posted 12/21/07 7:01 AM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: We decided not to escrow our taxes anymore.
We have the tax money in a separate savings account. My check gets a % DD into this account every week
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| Posted 12/21/07 7:05 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: We decided not to escrow our taxes anymore.
who do you call to have your taxes removed from your mortgage payment?
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| Posted 12/21/07 7:38 AM |
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shiv
Twinsanity!!
Member since 5/07 4747 total posts
Name:
Shiv
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Re: We decided not to escrow our taxes anymore.
we have an account with ING with the money. i held aside money i had at closing for the first 6 months, than saved money and paid the bill without taking the money out of the acct- so there will always be 6 months in there in case we don't save enough.
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| Posted 12/21/07 9:49 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: We decided not to escrow our taxes anymore.
Posted by MrsFlatbread
who do you call to have your taxes removed from your mortgage payment?
The bank your mortgage is with.
Thanks everyone! I think we are going to look into an ING account!
Message edited 12/21/2007 11:03:42 AM.
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| Posted 12/21/07 11:03 AM |
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