TX law regarding insurance & taxes inclusion in mortgage pay

fisherjohn · Joined: 28 Jan 2008 Posts: 2 1.87 Dollars($)

Refinanced thru Citi Mortage was told prior to closing would not be required to include ins. & taxes in payment. At closing was told this was a requirment Decided to go ahead with the closing even though we were quite disturbed. and was informed the state of TX requires we pay $260.00 to be released from escrow.

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi John,

Welcome to the forum.

I think you need to pay the and tax with the mortgage payments. But how can the mortgage company say you that you need not to pay the taxes and insurgence?

Thanks.

helping_user · Posted: Mon Jan 28, 2008 11:32 pm Post subject: RE: paying taxes and insurance

Welcome Fisherjohn.

The mortgage company didn't make any agreement stating that you need not pay the taxes and insurance, isn't it? So, I don't think they will agree if you try to convince them not to demand taxes and insurance payments on a monthly basis.

Even if you don't pay the insurance and tax payments, you will have to pay them off separately. So, you need to decide whether to pay them separately or along with your mortgage payments.

Thanks.

ckalvesmaki · Posted: Tue Jan 29, 2008 5:21 am Post subject:

Refinanced thru Citi Mortage was told prior to closing would not be required to include ins. & taxes in payment. At closing was told this was a requirment Decided to go ahead with the closing even though we were quite disturbed. and was informed the state of TX requires we pay $260.00 to be released from escrow.

There isn't any law in TX thats says you need to pay 260 dollars to have your escrows waived.....That is actually a charge from CITI...and is on there rate sheets on the wholesale side....However.....if your loan to value is over 80% and you have a conforming loan then you must escrow taxes and insurance......It's not a law but a PMI requirement.

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Our property taxes were not to be assess in the mortgage payment. The Mortgage Co. - Countrywide paid the taxes for 2008 prior to the Brazoria County release of tax information. Then increase our Mortgage payment by $900.00. I am disable Vet., am I required to pay taxes to Mortgage Co.

ckalvesmaki · Posted: Sat Feb 23, 2008 6:52 am Post subject:

Do you have an exemption from the state of TX due to your disability? If you do then get a copy of that and forward it to CW.

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