Cancel escrow account

Guest 0.10 Dollars($)

I have a mortgage with credit union? My every monthly payment goes into an escrow account. Is it possible to cancel the escrow account any time without paying any penalty.

sara · Posted: Thu Oct 26, 2006 8:27 pm Post subject: RE: cancel escrow account

Hi Martin,

As far as I know, most lenders do not allow borrowers to cancel the escrow account on the existing loan. The only way to get rid of the escrow account is to refinance the loan with the existing lender or write a new loan with a different lender.

Thanks,

Sara.

Guest 0.10 Dollars($)

Once an escrow account is in place, it becomes quite difficult to convince the lender to cancel it. If your loan is sold to a third party, then you will have to agree with what the new mortgage company or lender has to say.

Guest 0.10 Dollars($)

Can the seller cancel escrow on a short sale and open with another client

Guest 0.10 Dollars($)

If we are in escrow and have bank approval and the seller now has put back on the market because it has been 45 days and does not want to give extension can the seller do that it is a short sale.

enriko · Joined: 05 Mar 2008 Posts: 67 17.43 Dollars($)

No i am pretty sure that you cant do that, or if you can it is really difficult

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made offer....opened escrow gave money.....decided to cancel purchase....monies not returned over 2 weeks...ADVISE PLEASE

jerry · Posted: Wed Nov 12, 2008 2:23 am Post subject:

Hi ilan,

As far as I know, the lender can place a penalty for cancellation of escrow. May be the lender has taken the money from your escrow deposits as a penalty. However, to be on the safer side, I would suggest you to talk to the lender once and ask the reason for not paying you the money.

Thanks,

Jerry

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