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Old 02-11-2017, 10:52 AM
 
81 posts, read 88,613 times
Reputation: 27

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How do I get my payment lowered.

id like to bypass the escrow by paying my home owners insurance up front. I have penny mac.

Anyone have any other ideas.
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Old 02-11-2017, 12:35 PM
 
Location: Long Island (chief in S Farmingdale)
22,217 posts, read 19,518,798 times
Reputation: 5314
Quote:
Originally Posted by acimag View Post
How do I get my payment lowered.

id like to bypass the escrow by paying my home owners insurance up front. I have penny mac.

Anyone have any other ideas.
You can't. Escrows for taxes and home owners insurance are required on all FHA loans and all Conventional loans over 80% LTV
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Old 02-11-2017, 03:01 PM
 
20,199 posts, read 20,975,450 times
Reputation: 16906
Refi at lower rate.
Shop around for cheaper insurance.
Grieve your taxes and get STAR.
Sell and move to Florida, NC, SC, or PA.
Those are your options.
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Old 02-13-2017, 08:24 PM
 
81 posts, read 88,613 times
Reputation: 27
Quote:
Originally Posted by hotkarl View Post
Refi at lower rate.
Shop around for cheaper insurance.
Grieve your taxes and get STAR.
Sell and move to Florida, NC, SC, or PA.
Those are your options.

Not so bad of an idea. My wife wont move so ill let us drown in debt until she cracks. lol. Luckily the cards are paid off.
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Old 02-20-2017, 12:25 PM
 
16 posts, read 42,741 times
Reputation: 25
Kids involved?

The usual ways to lower your payment have already been suggested.
But I wanted to chime in because, based on your last post, this is about way more than simply lowering your monthly bills.

So essentially, you want her out and your plan at this time is to let both of you drown in debt.
Try and find a way where both of you (and if there are kids, all of you) aren't getting screwed.
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Old 03-06-2017, 05:34 AM
 
81 posts, read 88,613 times
Reputation: 27
My last reply was more sarcastic. However, I think we are stuck as our rate is already low. I'm just gonna hang tight avrefi was only going to save me about $200 p/m.
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Old 03-06-2017, 11:27 AM
 
20,199 posts, read 20,975,450 times
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$200 a month is a decent savings.
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Old 03-06-2017, 01:10 PM
 
Location: Long Island
9,933 posts, read 23,193,939 times
Reputation: 5914
Quote:
Originally Posted by hotkarl View Post
$200 a month is a decent savings.
Depends on how long the OP is planning on staying there. How long will it take to recoup closing costs
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Old 03-06-2017, 03:24 PM
 
20,199 posts, read 20,975,450 times
Reputation: 16906
Quote:
Originally Posted by Elke Mariotti View Post
Depends on how long the OP is planning on staying there. How long will it take to recoup closing costs
True.
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Old 03-08-2017, 06:06 PM
 
81 posts, read 88,613 times
Reputation: 27
Yeah I decided to not go forward with it. The recoup was very lengthy and it was only a savings of about 160$ when it was all said and done with nothing out of pocket. So we are staying. I will just keep grieving.
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