How to get out of escrow account

Hey Guys and Gals,
Does anyone knows how to get out of escrow account. I have an escrow account and now I want to get out of it and pay things on my own. Any suggestions…
Roniie

anyone???

are u at 80% LTV?

Ronnie,

Got your message. What you need to do is contact your lender and ask them their requirements for lifting the escrow account. Most lenders will requiore that you have owned the property for at least a year to use the new appraised value. You will most likely have to get a new appraisal done to show the new value. You may also have to pay a fee (typically .250%). If the lender is WAMU they don’t charge a fee.

He wasn’t looking to get out of his PMI. What he wanted to do was remove the impounds and start paying his taxes and insurance himself.

RYMAN,

80% is the LTV level for Escrow accounts as well as PMI. I think you are the only one who mentioned PMI.

Good Lord, Christopher, are you seriously going to follow me around smacking me down? That’s usually a sign of someone with a low self-esteem issue.

The original poster asked how to get out of an escrow account. You asked if he was below 80%, a valid question on your part, however he didn’t answer on the forum, so we had no idea if was above or below this, so it’s silly to leap to a concluson of us knowing what he was speaking about. Thank you for the insight on the 80% LTV level (I had no idea!), however a solid number of people with mortgages have impounds no matter if they have an LTV of 100% or 1%, because they just don’t want to handle the hassle of dealing with the taxes and insurance payments seperately.

Again, since I wasn’t privy to your private correspondence with the poster, I had to assume he was talking about his [/b]ESCROW[b] account as he asked. You know, I believe, an escrow account can be for any or all of the three impounds; PMI, Property Taxes and Homeowner’s Insurance. My answer was based on him not telling the general forum whether he had mortgage insurance or not, as he’d stated he wanted to begin to “pay things on my own”. I’m not aware of cases where the lender allows a borrower to pay his PMI on his own, or seperate from the loan payment. But I don’t know everything. Since you obviously do, I’d appreciate your enlightenment on this issue to accompany your disclosure of the 80% LTV requirement, oh mortgage guru.

How 'bout you knock off the self-important replies to my offerings, and stick to the issues?

Deal! As long as you agree to stop using other peoples ideas and examples and claiming them as your own. It undermines your credibility.

Ouch… easy you two…

Getting out of escrows can be a tough issue. What most clients don’t realize is that when loans are sold into the secondary market they are priced typically w/wo escrows.

Depending on the lender, and whether they are servicing the loan in house, your credit/payment/loan profile, occationally they’ll change certain aspects…

Well, I’ll not participate in the slapping around, Christoper. Just wondered about the “using other people’s ideas… and claiming them as your own.” Help a 'brutha out- where did I do this, exactly? All I said was that if he was below 80%, he’d only have the ins. and taxes in impounds, and stated if he was above 80% it would include the PMI. I don’t believe I claimed this industry fact as my own idea, but if it appeared that way, I wish to apologize.

Now, as I asked you to tell us if there were loans that were above that 80% LTV that didn’t require the PMI to be part of the impounds, as I wasn’t aware of them, and would certainly like to know about them. So, hopefully in a civil manner, could you please let me know if these exist, and if so, who offers them? Thank you in advance.

comeon guys. I didnt mean to start this.

Yes, there several lenders if you go above 80% do not require PMI base on fico score. I can not think on the top of my head, but will get back to you on that. Now if you go 80/20 ( 100%) financing you will avoid the PMI as well. ABC

RYMAN,

Please reference the below thread…

http://www.reiclub.com/forums/index.php?board=26;action=display;threadid=17048

The Billy vs. vs. Bob story is almost an exact copy of the “two brothers” example first presented by Ric Edelman. I am sorry everyone; I know this seems petty, but this guy basically steals everything he has ever posted from someone else and claimed it as his own.

Does anyone really want advice from a plaigerist? Nobody is perfect, especially me. I have heard it from more than one person when I make a mistake, but at least my postings are not just regurgitated material from any one of numerous sources that I claim as my own.

I am a CMPS graduate, I don’t talk down to people, and I certainly don’t steal other people’s ideas and thoughts and claim them as my own. Ryman can you say the same thing?

Please stop bragging about your pseudo certification and just be original.
;D

Sorry, didn’t know about the “brothers” example. I just tried to use an allegory that would illustrate the concept. Not to mention, the story you reference is in an entirely different post, so no one here may even be aware of what you are talking about. The only thing I posted here was in reference to the original poster’s question re: the impounds removal.

As to my “pseudo certification”, that is, again, in an entirely seperate post. As I said before, would you please stop following me around this site. I feel like I have a stalker. I suppose it’s a good thing I don’t have my phone number and address available to you. I’m also certain everyone here is deeply indebted to you for protecting them from a reckless “plaigerist” (sic). And since I merely gave an example, and didn’t claim authorship, kindly reserve you public service to helping little old ladies cross the street, and making citizen arrests to jaywalkers. I’m sure we’d all feel safer.

To everyone else in the forum I, for one, sincerely apologize for this simple question of impounds being used as an Eastern Front for Christopher’s self-aggrandizement and propping up of his self worth, and will refrain from posting any longer. Thank you for the many excellent answers and insights into Real Estate investing from the rest of you!

Congratulations, little man, on your victory.