Simple real estate question

[The Old Jaybird]

Only owe about 25k on the mortgage, but still have escrow account for property taxes and homeowners insurance.

Can I opt out of the escrow part of the monthly payment, because Wells Fargo is playing games with me and getting interest free use of my money over the year, hiding behind some stupid "Federal law". I would like to pay just the principal and interest on the mortgage loan, and take care of the property tax and homeowners premium as separate transactions.

Can this be done?? If so, how?? I really want to tell Wells Fargo to pound sand. TIA.

 

[LARGO9]

Just go and take out a personal loan for $25K and pay it off. Or go to the bank and ask them what they can do for you using the equity of the home.

 

[The Old Jaybird]

thanks for the reply, but I want to keep the basic mortgage terms, sub 4% rate.

 

[WallsGa]

You can go from a non-escrow account to escrow, but going the reverse is usually not possible, unless your mortgage specifically allows it. I don’t think it’s easily done.

HKMurkure may be able to either confirm or tell me I’m a dumbass.

 

[The Old Jaybird]

Barrow county taxes from 2023 to 2024 went up about $600, Wells Fargo increased the escrow by $115/ month,,, over $1200 a year. They want to play with my "free" loan of $600 for the year. SCREW THEM!!!!!

 

[WallsGa]

Barrow county taxes from 2023 to 2024 went up about $600, Wells Fargo increased the escrow by $115/ month,,, over $1200 a year. They want to play with my "free" loan of $600 for the year. SCREW THEM!!!!!

Yep. Bastards. Did the same to me on our old loan. New ones have been non-escrow ever since. F that ****.

 

[Spas-12 Owner]

You can go from a non-escrow account to escrow, but going the reverse is usually not possible, unless your mortgage specifically allows it. I don’t think it’s easily done.

HKMurkure may be able to either confirm or tell me I’m a dumbass.

This. Your loan documents will say if it is possible or not, but I highly doubt it is.

 

[hamburglar3]

I would think the only situation you may get a reduction is when you reach age where they remove school taxes permanently from your bill.

 

[The Old Jaybird]

I would think the only situation you may get a reduction is when you reach age where they remove school taxes permanently from your bill.

this is exactly what happened for this year's taxes....2025.

 

[basstracker89]

Barrow county taxes from 2023 to 2024 went up about $600, Wells Fargo increased the escrow by $115/ month,,, over $1200 a year. They want to play with my "free" loan of $600 for the year. SCREW THEM!!!!!

Easiest way to get out of it is to pay the loan off. You'll never be in control till you do. I've always said to borrow money is to do a deal with the devil. Granted I had to borrow when I was younger too