Just curious...does anyone have their mortgage with Wells Fargo?
I just got a notice that my escrow had gone up. They said my insurance costs had gone up but I had not yet gotten a notice from my insurance company. I simply don't trust these people.
2. No... but it isn't unusual for them to find out about a bill before you do.
I'm rusty on RESPA, but I thought they could only increase your escrow at the time of the annual escrow analysis (which should show more than just your insurance bill) or if your escrow had actually hit a negative balance that they had to cover (which should still trigger an analysis).
7. Would they go up in every state at the same time?
I live in Colorado. I question whether it is the chicken or the egg? Do the insurance costs go up because of Wells Fargo or because of Farmers Insurance?
10. If you have sufficient equity, tell them that you'd like to opt out of escrow.
That's only a good idea if you have the discipline to put away the funds for the insurance and taxes yourself. That way you get the pitiful interest on the funds during the year and don't need to second guess the escrow increases.
It does take discipline though -- you don't want to be caught short at tax or insurance premium time. The tax collector and the insurance company WILL notify Wells if you default on taxes or let the insurance lapse.
13. Also, it gives me the opportunity to throw a little business locally
My insurance agency is a nice little family run business. I'm happy to give them a bit of business, and they're super-efficient. When a tree fell on my house, I had a check in 3 days.
15. Who you choose to do your insurance business with has nothing to do with...
...whether or not your insurance carrier is paid directly by you or from your mortgagor's escrow account.
Either way, you choose the insurer; escrow is just the mortgagor's way of ensuring that you keep the chosen insurance paid-up.
Tesha
P.S.: We have a mortgage through Wells-Fargo and have always been satisfied with the service we've received. We're now on our second (sequential) mortgage with them.
Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators
Important Notices: By participating on this discussion
board, visitors agree to abide by the rules outlined on our Rules
page. Messages posted on the Democratic Underground Discussion Forums are the
opinions of the individuals who post them, and do not necessarily represent
the opinions of Democratic Underground, LLC.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
