Mortgage and Taxes

[susandennis]

I did finally hear back from the mortgage company today. They laid out some federal regulation that says I cannot separate the real estate taxes from the loan until I have made a year's worth of payments and then I have to apply.

So I have taken that one right off the old worry list.

Comments

sounds like bullshit to me.

[henare.livejournal.com]

what i understand to be true is that if you have more than 10 or 20 percent equity then you should be freed from the escrow requirement.

Re: sounds like bullshit to me.

[susandennis]

I think you may be thinking about mortgage insurance. That I do not have. The question is of taxes but the answer is really any escrow. I'm pretty sure that this Real Estate Settlement Procedures Act would not even allow you to get out from under mortgage insurance escrow during the first year.

The papers I signed at closing made it really clear that my including taxes in the mortgage via escrow was my choice free and clear so I really can't get too whiney about it.