escrow
Posted by denise on August 06, 2006 at 11:17:00: Who owns the escrow on a loan??
I recently tried to cancel the escrow on my loan. When i originally signed the paper work in closing, I singed an impound authorization to have the escrow taken out. I have since decided i dont want the escrow taken out due to the fact that the home owners insurance went up almost 2000.00 for the year, and there isnt enough in the escrow to cover it. I tried to cancel it because i can pay the insurance in installments, not a lump sum. ( i am also trying to sell the house, i am transfering with my job to another state.) The person servicing my loan told me that i was unable to cancell the escrow that it is requiredon my loan now since i signed the im pound suthorization, even though on this authorization it states that escrow is not required. When i do sell the house, i will have a prepayment penality of 6 months interest. What wil happen to any monies that i will have in escrow by then??? Can they take the money in escrow and use it towards the [payment of the loan when i sell?? or will it come back to me??
Follow Ups:
