Do I have the right to cancel my escrow account

sfpdavis · Joined: 09 Oct 2009 Posts: 2 1.27 Dollars($)

I have a Mortgage Loan with CitiMortgage. I wont to cancel my escrow account. And pay my own taxes and insurance. Do I have that right to reqeust that. Evil or Very Mad

adonis · Posted: Fri Oct 09, 2009 9:55 pm Post subject:

Hi sfpdavis,

You can request the lender in order to cancel your escrow account. However, it would be your lender's discretion whether or not he would accept your request. In my opinion, it's better to have an escrow account as you won't have to worry about paying taxes and insurance. The lender will pay it off on your behalf and there is a less chance of default.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

see your post is answered here

http://www.mortgagefit.com/inprocess/about29133.html

Guest

I have citi they wont let me cancel my escrow supposidly it is a state law in Ill where I live that you have to have 75% of loan paid on to do this. By the way I put down 43% down on my home my home is technically over half paid for the value of it. Attorney General office is no help . Wish some one would do a class action suit.

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