Thursday, August 28, 2008

Mortgage Question: Changing Escrow

I have a question or two for you. I have my house note through ------.

I would like to find out if I can stop paying into my escrow account and
take on the financial responsibilities of paying my insurance, taxes,

Is this possible and can I do it without having to refinance?



Hi, Betty. This situation is totally up to your servicer (------, I am
assuming still accepts payments?). If taxes, in particular, go unpaid,
the tax lien would be paid prior to the mortgage lien (in the event of

Normally on the secondary market, there is a .25 charge in price to
waive escrow. Your servicer may choose to charge you a fee for allowing
you to pay your own escrow. I would assume much would depend on your
mortgage history and perhaps, credit score.

In the past, I know that servicers have been amenable to dropping escrow
servicing. However, in today's climate, it just depends on the grantor.
So, give them a call!

Good luck!


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