can a existing loan from an interest only be changed to impound acount

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can a existing loan from an interest only be changed to impound acount

I have a loan with Nationstar which they just bought from BofA last July. Now I receive my monthly statement and included was separate paper stating that as of June 1 2014 they are changing this to a Escrow account. I pay my taxes and insurance separate and have always. Is this Legal?

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Anonymous (not verified)
18-04-2014

2 Answers

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Older

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yes..this is not illegal, but it should have started at the time of the loan taken. You should talk to your lender & tell them you do not want to avail a Escrow account. if they do not agree...you can refinance the loan & skip this situation.

Comment

Anonymous | Asked on 2014-04-22

Thank you, I have been trying to do a loan mod and they wont work with me since I am current on my loan. Cheri

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Anonymous | Asked on 2014-04-22

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