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    rebintl's Avatar
    rebintl Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 27, 2009, 09:19 AM
    Cancel my Escrow payments
    I currently pay escrow with my monthly mtg. I want to cancel this arrangement but my bank won't let me.

    What are my rights?

    REB
    this8384's Avatar
    this8384 Posts: 4,564, Reputation: 485
    Ultra Member
    		  
    #2

    Feb 27, 2009, 09:24 AM

    Was that part of the mortgage contract? What reason is the bank giving you for not allowing it?

    Why do you want to stop paying escrow?
    rebintl's Avatar
    rebintl Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Feb 27, 2009, 09:53 AM
    They keep making mistakes. I have 7 years left on my mtg so I don't want to refi. I just want to manage my own taxes and insurance.

    Can I legally ask them to release me from the escrow arrangement?

    REB
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Feb 27, 2009, 09:56 AM

    You can ask, but its generally up to the bank to decide to allow it. If you read your mortgage contract there is probably a clause in there where you agreed to let them manage the escrow.

    What mistakes are they making?
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