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Can I cancel my Escrow Account for my taxes which are collected each month in PA?

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gmichael2006 Joined: 24 Jan 2011 Posts: 1 1.33 Dollars($)	Posted: Mon Jan 24, 2011 7:31 pm    Post subject: Can I cancel my Escrow Account for my taxes which are collec Like 0 Dislike 0 Sir, I live in PA, and have a mortgage with Weichert. I requested my escrow account be closed, they refused. I have a credit rating of 822, bank account funds, and an LTV of 54%, I am no risk. Can thye refuse to cancel it?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jan 24, 2011 11:59 pm    Post subject: Like 0 Dislike 0 Hi gmichael! Welcome to forums! Most lenders will want you to maintain the escrow account. You will be able to cancel the escrow account by refinancing your loan with your existing lender or write a new loan with a new lender. Feel free to ask if you've further queries. Sussane
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Tue Jan 25, 2011 8:13 am    Post subject: Like 0 Dislike 0 Of course. Banks rather you escrow than not. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net
Guest	Posted: Tue Jan 25, 2011 3:49 pm    Post subject: Like 0 Dislike 0 Yes, they can. From your question, you cut a deal (mortgage) and now you want to renege. Correct? The value of the escrow account was figured into the rate; normal escrow waiver fee is 0.25 discount point at time of origination. Cost the lender more to verify you paid real estate taxes yourself than to pay from escrow.

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