coolerguy12 said:
I got out of escrow because I got tired of having to fight them every year on getting the extra back. I spent more time dealing with that than I do now managing the monthly transfer and writing the tax checks. I just put the same amount they were withholding plus a little extra for flood insurance. That way when I finish paying my taxes in January I usually have $800-$1000 left over that I throw into the vacation account to get it started for the year.
It was such a pain to get out of escrow, I can't imagine why anyone would get into it on purpose if they aren't already.
You wasted your time. A re-analysis is required annually and when an analysis shows an overage the mortgage servicer has to send the funds within 30 days. You fought to get money a couple of weeks early, and in all reality probably got it at the same time as you otherwise would have.
They do the analysis later than you want to ensure they get all the taxes paid prior to bulk analysis being done for every property in a state, and to ensure they catch as many delinquent tax accounts so they aren't done on an off cycle basis/twice in a single 12 month period.