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Message
re: Anyone got the dreaded yearly escrow letter yet?
Posted on 2/5/25 at 6:33 pm to fallguy_1978
Posted on 2/5/25 at 6:33 pm to fallguy_1978
I have paid yearly for years.
0
Posted on 2/5/25 at 6:37 pm to PeteRose
Own my home so no idea what escrow is.
It still sucks to write that Texas property tax bill every January though.
It still sucks to write that Texas property tax bill every January though.
Posted on 2/5/25 at 6:37 pm to The Pickwick
quote:
I always seem to get a check back from my mortgage company for paying too much in escrow. In fact, got a huge check in the mail last week!
They can't hold more than $50 in excess escrow. Just deposit it back in as escrow only.
Posted on 2/5/25 at 6:43 pm to HempHead
quote:
They can't hold more than $50 in excess escrow. Just deposit it back in as escrow only.
I’m not following you. If they can’t hold more than $50 in escrow, why should I send them back a huge check ???
Posted on 2/5/25 at 6:43 pm to PeteRose
quote:
Property tax I can’t do anything about it.
Vote out local politicians that rob you every year, but that’s easier said than actually done.
Posted on 2/5/25 at 6:44 pm to PeteRose
quote:
At this rate in 2 years my monthly will be $2550.
Do you want to trade?
Posted on 2/5/25 at 6:45 pm to The Pickwick
quote:
I’m not following you. If they can’t hold more than $50 in escrow, why should I send them back a huge check ???
Because you're still going to pay to escrow going forward. They just have to refund any excess >$50 at the end of the year.
Posted on 2/5/25 at 6:46 pm to HempHead
quote:
Because you're still going to pay to escrow going forward. They just have to refund any excess >$50 at the end of the year.
Meaning the monthly payments will be less?
Posted on 2/5/25 at 6:47 pm to The Pickwick
quote:
Meaning the monthly payments will be less?
Yes. When you deposit it, ask the lender to do an escrow reanalysis.
Posted on 2/5/25 at 6:48 pm to cubsfan5150
quote:
Who pays property taxes to the Feds?
No one that I know of.
And the snarky comment should have said alluding to not eluding to.
Posted on 2/5/25 at 6:53 pm to PeteRose
Once I got 20% equity, I canceled escrow and did it on my own.
Posted on 2/5/25 at 6:56 pm to deltaland
quote:I didnt know that property taxes and insurance go away after the mortgage was paid off!!!
We paid for our house with cash so don’t have to worry about this
Good to know. Now I can go tell all my friends so they can laugh at me for being wrong.
Posted on 2/5/25 at 7:00 pm to PeteRose
I never do escrow. Anyone who does it indicates to me fiscal irresponsibility, ignorance, lack of self control, and laziness.
Posted on 2/5/25 at 7:03 pm to PeteRose
Yea, mine went up $130 or so per month a few years ago. Went down a little since but not much.
Posted on 2/5/25 at 7:05 pm to UptownJoeBrown
quote:
fiscal irresponsibility
I can't believe people don't just set aside a money market, short-term bond fund, or TIPS ladder with the intention of paying an unknown lagging amount.
Posted on 2/5/25 at 7:07 pm to fallguy_1978
quote:
Most lenders require those be paid through escrow to my knowledge.
I have been out of the business for a very long time but it used to be you could drop escrow if you were below 80% LTV, same time you could drop PMI.
But it doesn't really matter, you are paying the tax and ins one way or another.
Posted on 2/5/25 at 7:12 pm to PeteRose
quote:
Property tax I can’t do anything about it.
Appeal. Doesn't work every time, but I've won twice. Just have to get the proper documentation.
One was super easy. Bought a condo in early summer of 2022. Tax bill came with a reassessed value in late 2022 for a significantly higher amount. Uh, Mr Tax Assessor, it's worth what somebody pays for it.
Posted on 2/5/25 at 7:13 pm to PeteRose
In 3 years mine went from $1100 to $1565
Can’t take another increase
Can’t take another increase
Posted on 2/5/25 at 7:17 pm to Kjnstkmn
Pay property taxes on things you are invested in. No kids, no school taxes on your bill. Don't own own a home, can't vote on a millage rate change. Let the emergency services bill by an emergency event (like they don't already). If criminals require police and the court's resources, but their bail towards those departments.
Posted on 2/5/25 at 7:37 pm to Ryan3232
Dudes house has a hitch on it.
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