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I working on a lease option/purchase. The seller’s existing mortgage escrows taxes and insurance. I’d like to be able to remove these items from the escrow process and pay them myself.
Has anyone tried removing taxes/insurance from being impounded by the loan servicing company? Were you successful?
I remember in the past, I tried to get impounding added, but the servicer would not agree to it. I’ve never tried doing the opposite and removing the impounds.
Thanks,
Robert
Robert,
They won’t let you remove the escrow. It is written in to the terms of the loan.
It’s really safer to leave the taxes and insurance escrowed in the payment.
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