When I lived in Union County, I used to pay my taxes on my own, not through my mortgage lender.wendy said:
Often one is not allowed to "uncouple" one's taxes/insurance from one's mortgage. Maybe in GA that's permitted but I don't think that's the case here. A mortgage holder has the right to make sure your taxes are paid so they don't lose a valuable asset due to one's failure to pay the taxes.
campbell29 said:
We have never paid our taxes as part of our mortgage. I think for the first 3 months, they require it. But after 3 months have elapsed, just tell them you don't want to escrow for taxes. Then you pay the town directly every quarter. The bank should also refund you whatever they have included in escrow so far.
truegrid said:
I literally was going to post what @wendy said. Ok worth rechecking whether taxes are required based @campbell29 experience. I understood house insurance is required to protect the asset the mortgage backs and ensure its in place, does not lapse. The taxes escrow is the larger portion of money I would want.
I thought the step after non-payment of taxes was a lein, then a sale of the lein? Who would foreclose for lack of tax payments?wendy said:
truegrid said:
I literally was going to post what @wendy said. Ok worth rechecking whether taxes are required based @campbell29 experience. I understood house insurance is required to protect the asset the mortgage backs and ensure its in place, does not lapse. The taxes escrow is the larger portion of money I would want.
And paying one's taxes also insures that the asset won't be foreclosed for failure to pay taxes. Perhaps the mortgage company as the note holder has the right to get confirmation of all required payments and can step in to protect its asset before things lapse (after a late payment for example). Anyway, I too will re-check as I said.
pol100gk said:
This also happened to me and I was able to decouple mortgage payment and taxes. I now pay taxes directly and it really brought my payments down because I don't have to subsidize the mortgage company's cushion.
Tom_R said:
Tarheels,
Is the mortgagee paying you interest on the undistributed escrow monies? If so, is it at a rate you find reasonable for short term deposits?
TomR
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I just don't quite understand why this would happen. Our taxes have actually not gone up (knock wood). I think that last year our escrow payment went up a nominal amount, maybe $40, but $200 is a big hit for no apparent reason. What am I missing?