Is it possible to change the amount of my mortgage payment?

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I have entered into a loan modification agreement with my mortgage company, which includes an extra amount which is deposited into an escrow account. Is it possible to change the terms and request to NOT have extra funds go into the escrow account, therefore only sending in funds for the principal and interest only?

  1. Reply
    May 1, 2011 at 1:58 am

    The key to your answer is in your question. You agreed with the mortgage company regarding a loan modification. Apparently, part of that agreement was an additional deposit to your escrow account. You can certainly ask, but it appears to be part of your agreement with the mortgage company at this point. The mortgage company would have no obligation to agree.

  2. Reply
    dog ma
    May 1, 2011 at 2:17 am

    Most lenders allow this if you have at least 20% equity and have never had a late payment.

    Considering that you are strapped enough to require a modification, then no. You have not demonstrated the financial ability to pay the regular mortgage payment – they will absolutely not take a chance that you will not pay your taxes or insurance on their collateral.

  3. Reply
    Caveat Emptor
    May 1, 2011 at 2:31 am

    No one here knows the terms of the agreement that YOU signed. Some lenders require an escrow account. Consult the lender.

  4. Reply
    Age of Reason
    May 1, 2011 at 3:07 am

    No. You need that escrow money to cover property taxes and insurance.

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