Your Questions About Check My Mortgage

Richard asks…

What if the cost of repairs is less than my insurance Lost draft check? Does the Mortgage Co keep it or me?

I got a check for 17,900 to fix my roof and ceiling but I am having a friend who is a contractor do the work. Of course I can have him say it cost more but legally can I keep the extra? The Mortgage company is Wells Fargo and this is a Monitored process they told me where the contractor is to get 1/3 and then the inspector will come check the work and then another 1/3 and then upon completion the final 1/3. If this came to 10,000 could I keep the rest legally?

I have to send them the check and they will endorse it and send it back to me? or the contractor I assume..I really hate Wells Fargo so I am not about to ask them, besides they do not know their ass from their elbows in the customer service dept.

admin answers:

Yes, even if it costs less, you can keep the rest.

They will NOT endorse it and send it back to you. They will deposit it, and as the work gets completed, you’ll send proof (photos, receipts, an inspection), and then they’ll send you money 1/3 at a time.

Sandra asks…

Home Insurance Check made out to myself & mortgage holder?

My home was damaged in a Hurricane Ike, I had estimates done and the insurance adjuster came out. I just recieved the insurance check and it is made out to both myself and my mortage company. Can I deposit this check into my bank account? I need to get my roof fixed before it rains again, because it is raining into my house!!!!

admin answers:

You can if your mortgage company will agree to sign the check before repairs are made. The check requires your signature and theirs to be legally cashed.

Ruth asks…

What is the procedure that Mortgage providers use?

I’ve been approved, in principle, for a mortgage, but I haven’t signed anything yet, my nerves are shattered about what could go wrong now! What other checks do the mortgage providers do? After a mortgage has been approved can they then change their minds?

admin answers:

With the banking industry changing daily, they will approve you with stipulations. There have been times where everything is on schedule but the bank decides to change their mind and not fund.

I would go with a bank directly instead of a mortgage broker. The banker will have a little more control than the mortgage broker.

Lizzie asks…

I got charge off by 200 can I be approved for a mortgage?

I owe those 200 to verizon so they charge me off. Could get i still being aproved for a mortgage. Just check and my credit score is about 640

admin answers:

Getting the notation off your credit report may bump your credit score up by 50 or so point. You may be able to negotiate the complete removal of non credit card debts like defaulted cell, medical, utility bills etc. With a Pay for Delete agreement. This is a written agreement where you get a signed agreement from the debt collector (PRIOR to making any payment) where they offer to remove the negative items from your credit files after an agreed-to amount is paid. They will NOT want to do this….all they want is your money and their commission and they could not care less about your credit rating….Still, you have something they want (money) and that puts you in a position to negotiate on this issue. Example letter:

I am willing to resolve this issue if your firm sends me a written agreement that you will remove all negative notations from my credit report after the agreed-to amount is paid to you. Upon receipt of this letter I will mail you a USPS money order for this amount.
Again, they are not going to want to do this…if they simply refuse to remove it, then you want to negotiate that they will update your credit report to “Paid in Full.” . You DO NOT want them to put “settled” on your credit report, as that’s a negative factor….

Remember, all terms IN WRITING FIRST, then you pay. Never accept verbal promises over the phone…they’ll promise you anything over the phone to get your money then they’ll deny that any agreement was ever made once they have your money.

John asks…

I sent a large mortgage payment to pay down my mortgage?

I sent it a couple of weeks ago, but the check still hasn’t cleared. Would there be any reason to hold a check on a mortgage payment if over a certain amount? The money is in my account. My mortgage is with Bank of America.

admin answers:

No reason. The way to deal with a large amount check is the same as any other: present it to the bank it’s drawn on, see if it bounces or not.

I would expect to see it within a week.

Contact BoA, see if they have received the check.

If they haven’t received the check, you can cancel the check and get a cashier’s check to replace it. Cashier’s check, mailed to BoA, with signature on receipt, will be the best way to get a provable situation. Cashier’s check is very reliable because it’s backed 100% by the bank.

If they have received the check, ask why it hasn’t shown up in your bank yet. If you aren’t happy with the answer, ask to speak to a supervisor. If that doesn’t work, customer service is the next stop.

BoA can be bad at customer service in my experience. I would pester them if I thought they were trying something.

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Second Mortgages – Caution – How not to Get Taken

Second mortgages are often a financially sound way of handling excess debt, especially in this times of hard credit. Second mortgages can help you pay of expensive credit card debts, consolidate your debt and make payment easier. You can also renegotiate the terms of second mortgages. A few things to watch out for when applying for second mortgages are:

1. Second mortgages lenders may offer you an incredible deal, extremely low interest rates, or a deal which looks to good to be true – if it does then it probably is.
Where rates offered are much lower than current rates then you can be sure that you are dealing with adjustable second mortgages rates and you can be sure that when the rate adjusts you’re going to be in for a major shock.

2. Second mortgages lenders may encourages you to exaggerate your income for the application for second mortgages or falsify the loan application
If you need to falsify info chances are you can’t really afford the amount you’re trying to lend. Remember that most lenders work on a commission basis and they’re watching out for their own bottom line first not yours.

3. Never, EVER, sign a blank form when applying for second mortgages A lender should never ask you to sign a blank document.
In fact, never ever sign a blank document, period. A document can be as good as signing a blank cheque on your cheque account. Never do it. There are plenty of lenders out there looking for your business.

4. The second mortgages lender pressures you to sign for second mortgages with bad credit If the lender pressures you to sign even though you’ve expressed reservations or puts sales pressure on you then back away.
Always take your time to make sure that you are getting the best second mortgages deal for you and never sign a document unless you’re one hundred percent sure.

5. Promises not kept. Where a lender makes promises but make excuses where it comes to making those promises in writing then get out.
If they won’t put it in writing then you can sure that they won’t do what ever they’re promising

6. Arbitration
Where contracts for second mortgages has an arbitration clause then know that if you sign that contract you are giving up your legal recourse to the courts. IF you have to sign that can kind of document then make sure the Arbitrator is from an accredited association.

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With two bachelors degrees, one in business one in law, Brigitta writes articles on various topics

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