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How do I remove an escrow from an existing mortgage in Texas?

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kyle_grosser Joined: 26 Mar 2010 Posts: 1 1.37 Dollars($)	Posted: Fri Mar 26, 2010 12:41 pm    Post subject: How do I remove an escrow from an existing mortgage in Texas Like 0 Dislike 0 I have a mortgage with Chase, but apparently I was told that in the state of Texas, once the loanee signs the mortgage, there is no way to remove the escrow from the mortgage without refinancing. Is this accurate? I have never heard of such an issue.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Mar 26, 2010 9:07 pm    Post subject: Like 0 Dislike 0 Hi kyle_grosser! Welcome to forums! As far as I know, in order to remove the escrow account, the loan to value ratio of your property must be 80% or less. Apart from this, your loan shouldn't be delinquent in the previous year, taxes and insurance for the next one year should be paid off and any deficient amount in case of the escrow account should be paid off. I don't think it's mandatory to refinance the loan in order to get rid of the escrow account. Feel free to ask if you've further queries. Sussane
Jo Ann Piceynski Guest	Posted: Sun May 09, 2010 4:56 pm    Post subject: mortgage escrow Like 0 Dislike 0 i am applying for a mortgage/debt consolidation loan from american general. they are telling me that i must escrow this loan for taxes. i am over 65 years and no longer pay taxes. also, they are telling me that i must escrow homeowners insurance. these two supposed addition to my loan are required by law and i cannot be exempt. worried that i might be dealing with a bogus lender. please answer asap. i've been ripped off more than one time. i live on a fixed income.
Guest	Posted: Mon May 10, 2010 3:11 am    Post subject: Like 0 Dislike 0 Though you no longer pay taxes, you would be responsible for paying the homeowners insurance. Thus, for that, you will be liable to go for the escrow account.
C Boyd Guest	Posted: Fri Oct 01, 2010 8:19 am    Post subject: Escrow Requirements Texas Like 0 Dislike 0 Is it a requirement for a small Texas bank to escrow for taxes and insurance on a 1st Lien Homestead Loan that has an 80% or lower LTV. Thank you!
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Oct 04, 2010 3:38 am    Post subject: Like 0 Dislike 0 Most lenders prefer to create an escrow account for the borrowers in order to collect the taxes and the insurance premiums. Whether or not you've 80% equity in the property won't have an impact on your escrow account. _________________ Good is the Enemy of Great.

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