Owner Finance Mortgage
June 28th, 2007 | 
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Question: Owner financing mortgage?
I asked this question earlier but i left out the why so maybe with a new title and more detail people can better help me... and to the people who answered it previously THANK YOU!!!
Mortgages and escrow?
Is it possible to take your taxes and insurance out of escrow?
Additional Details
The reason for my asking is because I am buying a 2 family house and doing owner financing and wanted to pay it by myself directly from my checking to make sure it's paid for my records.
Answer: Yes, as long as the house appraises high enough that the lien (mortgage) on the house is 80% or less.
If you are in the U.S., then there is legislation that mandates that the owner must be notified that they can cancel the escrow account if the mortgage is 79% of the appraisal amount.
We own our house and have never escrowed our taxes or insurance since we put 20% down and opted out of escrowing right away.
!!! Owner Finance !!! 4 Br, 2 Ba, 2 Story !!! No Credit Check !!!
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