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Escrow Deleted

October 22nd, 2009 at 09:43 pm

I took care of it yesterday. I emailed Bank of America and confirmed that we did indeed like to delete our escrow account. They emailed back within a couple of hours that it was complete and a check with our escrow balance is on its way!!

As of November 1st, we will only send Bank of America our mortgage payment consisting of interest and principal. That will be strange!!

The escrow check will be for $404.34 which is just under the amount they would needed as a buffer or low balance amount. I may find something to do with that money. Maybe the home equity loan?

I will begin setting aside $281 per month to account for taxes and insurance right away. The first payment I need to make is not until March 2010!

I feel very confident this will work well for us. I plan to set up email reminders for the taxes since I will only be billed once a year for those.

6 Responses to “Escrow Deleted”

  1. NJDebbie Says:

    I don't have an escrow account with our mortgage company and I like it that way. You seem to be disciplined to put the money for escrow away every month, otherwise one can run into problems paying property taxes and homeowner's insurance.

  2. homebody Says:

    My mortgage is held at ING. We do our own escrow and I am finding it easier than I thought it would be.

  3. mjrube94 Says:

    Way to go! Enjoy the savings.

  4. monkeymama Says:


  5. LuxLiving Says:

    You are sooooo grown up now!!! Big Grin
    I think it's ridiculous to think that adult folks who can manage a mortgage payment on time each month can't handle their own insurance and taxes as well.

    Good going!

  6. momcents Says:

    We're a non-escrow household as well. Been like that since owning this property five years. The only drawback with this is seeing all that money leave when it is time for property taxes to be paid (it leaves in two $5,500 installments). We pay our homeowners insurance monthly with the car insurance.

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