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My mortgage servicer is refusing to allow us to opt out of…

My mortgage servicer is...

My mortgage servicer is refusing to allow us to opt out of escrow. Can they do that?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No. I called and spoke to the escrow dept. our account is current. they said they ran our info thru a "tool" and the request was denied

Lawyer's Assistant: Where is the property located?

Texas - Montgomery County

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Oki ok

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Answered in 9 minutes by:
5/4/2018
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,395
Experience: Real Estate Attorney with over 25 years experience
Verified

H​ello. Let me see if I can assist. What are trying to remove from escrow -escrow for real estate taxes or for PMI (purchase money insurance)?

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Customer reply replied 3 months ago
Property Taxes and Home Owner's Insurance. We want to pay it ourselves, not have it included in our mortgage payment to our mortgage servicer (aka devil's spawn... aka NationStar/Mr.Cooper)
Customer reply replied 3 months ago
The mortgage is owned by a private investor (part of an investment portfolio). Conventional Loan originally with ResMae, who sold it to the investor. Not backed by Freddie or Fannie... We owe approx $145k. Home value is approx $250k.

O​kay. So long as it is not PMI - you should be allowed to opt out and pay them on your own. Be sure to review your mortgage agreement. It should provide the provisions for escrow and for opting out.

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Customer reply replied 3 months ago
Since the mortgage was originally with ResMae, and they sold it, and we didn't sign new loan documents, the contract is still valid, correct?
Also, if the loan documents say we don't have to pay them escrow and they still refuse, what is our course of action? They told me if I prepaid the taxes & insurance directly to the county/ins company, and they (servicer) didn't approve, I'd still be responsible for the full mortgage payment (including escrow). If I didn't pay the full amount, they'd report us late.

Y​es, same mortgage terms. Mortgage gets assigned and new company is bound by its terms.

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Customer reply replied 3 months ago
Also, if the loan documents say we don't have to pay them (servicer) escrow and they still refuse, what is our course of action? They told me if I prepaid the taxes & insurance directly to the county/ins company, and they (servicer) didn't approve, I'd still be responsible for the full mortgage payment (including escrow). If I didn't pay the full amount, they'd report us late.

I​f the docs allow you pay the taxes/insurance yourself (and not escrow), I recommend that you send the lender a demand letter - demanding that they remove escrow for taxes and insurance as you are paying them directly. If they refuse, you need to tell them that you will be forced to sue them to enforce the terms of the mortgage.

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Customer reply replied 3 months ago
thank you. one more question... would you or anyone you know be interested in pursuing a lawsuit against NationStar Mortgage (aka Mr. Cooper)?
Customer reply replied 3 months ago
Where, in the loan documents, is the escrow portion usually found?
Customer reply replied 3 months ago
I found a section in the Deed of Trust and it says "...Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time..."

F​iling suit is beyond the scope of this site. I recommend checking the Texas Bar Attorney Referral Service for a lawyer in your area: https://www.texasbar.com/AM/Template.cfm?Section=Lawyer_Referral_Service_LRIS_

In the mortgage - there should a provision relating to taxes/escrow.

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Good--- there you go!

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Customer reply replied 3 months ago
that means we're not required to pay to the servicer, correct?
Customer reply replied 3 months ago
The language is very vague 'lender may waive'... do I still have grounds to demand they waive it?

T​hat means it can be waived and you should demand that it is waived. Unfortunately, it is not mandatory - does not say "shall". However, if you can show you have the means to pay the real estate taxes and insurance directly, that will be very persuasive to the judge.

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Customer reply replied 3 months ago
ok. thank you.

You are welcome.

Please remember to accept my response and post a positive rating so I get credit.

Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,395
Experience: Real Estate Attorney with over 25 years experience
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