Jan
22
Possible to have a mortgage loan where homeowners ins. is not escrowed ?
By
My sister has her mortgage with Bank of America. She swears she pays $40 a month for homeowners insurance – seperate from the mortgage check. I guess she sends State Farm a payment every month.
Have you ever heard of a mortgage where your payment is NOT included and escrowed?
Edit : Mikey loves to learn things………Thanks.
Edit : Mikey loves to learn things………Thanks.
Repossession
Do you have a mortgage with GMAC, and if so, have they done anything to cause you to default on the loan?Did your mortgage company do anything illegal to make it appear that you were or are delinquent in paying your mortgage? Did they post your payment late, fail to pay...
Is it mortgage fraud?I knew someone with a $300k house, $275k mortgage….not yet in trouble with mortgage. He goes out to buy an investment property..rents it out for a few months….starts to default...
what makes lenders report suspected mortgage fraud?what would make the lenders suspect mortgage fraudRepossession...
Is there any way of recieving a “finders fee” or compensation for mortgage fraud tips?I’ve come across a heafty amount of information regarding mortgage fraud. I don’t want to throw anyone under the bus, but, there are a few jerks that I wouldn’t mind...
Wanted to help my friend in getting mortgage loan for $240k by adding my name as co applicant. My concerns?I trust my friend. I wanted to help him by adding my name as co applicant since my friend has bad credit score and I have good credit score. The...
Leave a Comment
You must be logged in to post a comment.
9 Comments
April 22nd, 2009 at 8:47 am
Yes they do exit …. Its common with subprime loans..
April 22nd, 2009 at 1:39 pm
sure but in this day and age a little rare. In the sub-prime days that was common.
I am a mortgage banker in TN & KY
April 25th, 2009 at 8:31 am
Yes. This is common. You can also pay your property taxes by yourself too.
A lot of people find it easier to put it in an escrow account, but some don’t.
April 26th, 2009 at 5:45 am
Absolutely.
I have owned 3 homes and only on this one have I escrowed both the payment and homeowner’s insurance.
Can be done.
April 27th, 2009 at 11:28 pm
Yes, but you generally will need a larger equity in the property (+20%). Then most lenders (who are still in business ) will just loan money to you. Your best bet is to refinance IF you get a better rate of interest than you are currently paying and IF the value of the property you own has the required equity. One added benefit I’ve found is that you can again easily shop for a better rate on home owners insurance. The big factor of course is mortgage insurance – that nasty high cost life insurance policy most lenders require from their own bank. You can almost always beat that rate with a private insurance company.
Good luck in your quest.
May 1st, 2009 at 1:05 am
It is very common. I pay my insurance and property taxes separately.
May 1st, 2009 at 4:47 pm
I haven’t had my insurance escrowed for years. I haven’t had the property taxes escrowed since I re-fied six years ago. Banks will agree to this when loan to equity is below 80% – or they did, before the recent mess. Now they’re likely to be more cautious.
May 4th, 2009 at 9:29 am
I’ve always paid my insurance directly to my insurance company (Allstate)..I didn’t even know it could be escrowed. Are you sure you are not thinking about property taxes?
May 5th, 2009 at 10:47 pm
Yes, if you are putting at least 20% down you are not required to have an escrow account.