Comments on: Should You Agree to Escrow Accounts http://www.suburbandollar.com/2009/03/05/should-you-agree-to-escrow-accounts/ Where finance and reality meet Sun, 14 Mar 2010 01:34:48 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: Santos http://www.suburbandollar.com/2009/03/05/should-you-agree-to-escrow-accounts/comment-page-1/#comment-114 Santos Fri, 13 Mar 2009 15:43:58 +0000 http://www.suburbandollar.com/?p=509#comment-114 I opted out of escrow and when the lender said there was a fee for doing so (I think it was something like $250 or $300) I said flatly I was not paying them a dime and that I was offended by what I considered blackmail. I said that if they did not waive the fee I would simply walk from signing (This happened during the close which is when I found out for the first time about this fee). They did waive the fee. I guess they saw in my eyes that I was not bluffing; I was completely ready to walk (Maybe a boneheaded proudful move but I was offended.) So in my particular case I have made an average of about $100 a year by not escrowing. Of course, if you pay the fee you probably lose money, not to mention you have to handle the payments for taxes and home insurance yourself. I opted out of escrow and when the lender said there was a fee for doing so (I think it was something like $250 or $300) I said flatly I was not paying them a dime and that I was offended by what I considered blackmail. I said that if they did not waive the fee I would simply walk from signing (This happened during the close which is when I found out for the first time about this fee).

They did waive the fee. I guess they saw in my eyes that I was not bluffing; I was completely ready to walk (Maybe a boneheaded proudful move but I was offended.)

So in my particular case I have made an average of about $100 a year by not escrowing. Of course, if you pay the fee you probably lose money, not to mention you have to handle the payments for taxes and home insurance yourself.

]]>