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Mortgage/Escrow account ?

post #1 of 7
3/22/10 at 1:01pm
Thread Starter 
So we have an escrow account that we pay monthly to for home owners insurance and property taxes...we pay almost 200 USD a month. It is not an impound account. Can we only pay our interest and principle for a few months while we get through a tight financial spot?
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post #2 of 7
3/22/10 at 1:15pm
I don't think so, nor would I recommend it. If your escrow doesn't end up with enough to pay those taxes when they are due, they don't get paid or the bank will need you to pay that sum immediately. That is awful. I have a house that has it's loan done differently and their isn't an escrow acct. It totally sucks in April and October when I have to come up with the tax money. Now, I created my own separate account (savings) that I pay into my "escrow" each month so that it doesn't hurt so bad those months.

Amy
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post #3 of 7
3/22/10 at 4:39pm
Call your bank, or check your loan paperwork. Many times an escrow account is required with mortgages (especially mortgages that have been taken out in recent years).
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post #4 of 7
3/22/10 at 5:51pm
Thread Starter 
Ours was not required...we requested one to be set-up so we would not have to deal with saving the $ ourselves. April taxes and insurance have recently been paid. We would only need to do this for a few months while I'm on maternity leave.
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post #5 of 7
3/22/10 at 7:25pm
Quote:
Originally Posted by Bethla View Post
Ours was not required...we requested one to be set-up so we would not have to deal with saving the $ ourselves. April taxes and insurance have recently been paid. We would only need to do this for a few months while I'm on maternity leave.
Double-check. Chase holds our mtg and I tried to pay our taxes and insurance separately after several years but they told me that once you've signed the papers you can't change it without refinancing.
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post #6 of 7
3/22/10 at 9:42pm
Thread Starter 
Thanks! Feeling sucked dry every month.
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post #7 of 7
3/22/10 at 9:50pm
Quote:
Originally Posted by Bethla View Post
Thanks! Feeling sucked dry every month.
Yes, our last mortgage we paid about $500 a month for taxes, etc. (homeowners is so slight, it's negligable.)

But, you'll appreciate it when taxes are due and you don't lose your house to sheriff's sale!
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