I threatened to stop paying escrow to my new lender. It worked!

[Matthew McNeil]

Two months ago, I completed a REFI to lower my rate and increase cashflow. Within two weeks of closing, my lender sold the note to a large lender based in Florida which I’d never heard of. I was shocked to read ABYSMAL reviews from hundreds of people who had complained about the particular lender, and they weren’t shy about using some colorful language. The primary issue is the lender is repeatedly negligent about paying taxes and insurance from the escrow they're collecting with the mortgage payments.

Before my first payment was due, I emailed the new lender and included copies of the complaints I’d read online. I told them in no uncertain terms that I would place the house on the market, sell it, do an Exchange, and find another lender if they did not allow me to self-pay the taxes and insurance. Surprisingly they agreed.

QUESTION: Has anyone experienced a lender agreeing to waive the collection of escrow payments AFTER the loan docs have been signed which stipulate escrow payments will be collected?

[Theresa Harris]

I'm in Canada, but with one mortgage the bank messed up and didn't pay property taxes.  We got it fixed, but after that I changed it so I paid not them.  It wasn't a problem, I just went to the bank and had it changed...for free.