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To escrow or not

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cucino04 Joined: 27 Jun 2008 Posts: 2 1.95 Dollars($)	Posted: Sat Jun 28, 2008 4:28 am    Post subject: To escrow or not Like 0 Dislike 0 I'm refinancing and considering excluding escrow from my monthly payment. In these hard times no one's job is secure. My thinking is a lower mortgage payment is easier to meet without the escrow hopefully buying time and putting off foreclosure if I do lose my job. Is this a wise choice?
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Sat Jun 28, 2008 5:13 am    Post subject: Like 0 Dislike 0 welcome cucino. You can avoid escrow if you can make a big down payment at least 20 percent of the LTV. If you you don't have any escrow account then you will have pay the tax bill and the insurance payments on time on your own. So can you be able to do it? _________________ Good is the Enemy of Great.
laphillips Community Expert Joined: 10 May 2008 Posts: 134 Location: Yucaipa, CA 33.92 Dollars($)	Posted: Sat Jun 28, 2008 4:55 pm    Post subject: To escrow or not Like 0 Dislike 0 excluding escrow from my monthly payment Quote: makes me think you are talking about the impound account included to pay your property taxes & hazard insurance...correct? Not having these amounts included in your payments means you will be responsible and should the time come that you are unable to pay these on your own 2 things will happen: 1) your lender will insure your property and charge you the amount of the insurance policy (and generally speaking the policy the lender buys is much more expensive than the one you choose), 2) unpaid property taxes can result in a lien being placed on your property & the title will no longer be clear in the event you decide to sell the property which can often be the only decision to solve the problem in a foreclosure. I would feel it is safer to have the amounts included with the payment unless it absolutely makes the payment way too high. _________________ Lynnette Phillips Loan Officer/Realtor, Foreclosure Consultant Home Pride Mortgage My Blog: http://activerain.com/helpingufindaway My website: http://lynnettephillips.com **This is not intended as legal advice. I am not an attorney.**
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Sun Jun 29, 2008 12:58 am    Post subject: Like 0 Dislike 0 Depending on the loan to value many lenders will require escrows. It either has to be paid monthly or three big payments through out the year. (2 tax 1 insurance) is it really easier to come up with the big payment? If you dont pay them the lender will force a policy on you and it wont be cheap... I personally prefer impounds Good Luck Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
Joe Bassham Guest	Posted: Mon Oct 13, 2008 2:01 pm    Post subject: escrow Like 0 Dislike 0 Can a morgage company forse you to escrow on morgage payment
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Mon Oct 13, 2008 11:58 pm    Post subject: Like 0 Dislike 0 Hi Joe! Welcome to forums! It will depend on the policies of the lender. You can ask the mortgage lender if it is mandatory for you under his company's rule to open an escrow account. Opening an escrow account will also depend upon the the closing documents. However, it is always a good idea to open an escrow account as you can get various facilities from it. Feel free to ask if you have further queries. Sussane

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