Your Questions About Check My Mortgage

Sandy asks…

My contractor forged my mortgage companies signature to cash a check.?

We found out because he is demanding the last check but didnt pay all the subs he was told to pay with the first check and has not finished the work. What kind of trouble is this guy in? Thanks.

admin answers:

I don’t know, could be anything from forgery to bank fraud I suppose.

Laura asks…

Is it illegal for the wrong vendor/business to cash a check I mailed to them?

I accidentally mailed my mortgage check to my credit card company. The cc company cashed the check even though it was clearly not written to them. The names are not even remotely similar. I have a copy of the check and the stamp from the cc company. It’s over $800. I pay $100 to the cc company every month, never more. I know it was so dumb of me but I mailed this check 2 days after having to put my beloved 13 year old dog down. Can the cc company cash a check ot written to them?

admin answers:

“”non negotiable” written between them..this ensures that no bank will cash the cheque unless it is for that specific person or company”…

Huh? Writing “Non-Negotiable” on a check makes the check void, so that it can’t be negotiated by anyone.

Anyway. This is actually sad to hear. When a CC Company receives a check, in all honesty, a human doesn’t even look at the check. It just gets processed. Everything is so automated, the check will probably never get looked at. What happens is, the check gets run through a series of scanners that look for the amount.

CC Companies DO NOT go through a bank. Again, CC companies do NOT go through a Bank. There isn’t a bank involved in this. Most larger companies ARE the bank. Hence, Capital One, for instance, is legally known as “Capital Once Bank, N.A.”, JP Morgan Chase, and likewise.

Now, luckily you caught the error. It’s too late to put a stop-payment on your check if it has already cleared your bank. Go to your Bank, and explain to them what happened. And no, it will not cost you “money” to ask your bank for advice…thats our job. Tell them what happened, and they will give you a Dispute form. For here out, they will most likely get in contact with their Security or Loss Prevention department, who will deal with the CC Company for you, and reimburse you. This will take a while, as the CC COmpany has 60 days to respond to your dispute.

Best of luck!

John asks…

What do I do with an insurance check for damages done to my home when it’s made out to me and mortgage co.?

House has recently been forclosed, and I am unsure of what to do with check as they have already auctioned off the house.

admin answers:

You sign it, and turn it over to the mortgage company.

You cannot get the cash. That’s the whole POINT of a mortgagee clause – to keep you from taking the money, and sticking the mortgage company with a foreclosed, damaged house and a bad debt.

Mark asks…

When my mortgage comes up for renewal, what happens if my income has changed? Does the bank do a credit check?

like when I first applied for my mortgage. My income is now independent rather then from a employer. I am worried that they won’t approve a renewal. Please tell me how a mortgage renewal works in Ontario, Canada.

admin answers:

I think they will probably go by how your past credit was with them. If you made your payments on time you will be fine. They want the payments not your house.

David asks…

Can my mortgage company refuse to endorse my IKE insurance check?

I had flood damage to my house during Ike. Not much, but got a decent amount from the insurance company for it. I fixed nearly all the damage myself and have friends who did the rest for me for free.
I sent my mortgage company my checks to endorse and the receipts fo the work done with all the necessary paperwork they requested for self-contracting (fix it yourself). They sent an inspector and he approved the repairs completely. But, since my receipts don’t add up to at least half the amount the insurance is paying they’re refusing to endorse my checks. Is this legal? This leaves me no options. I can’t get my insurance money because I didn’t spend enough??? Someone PLEASE help me.

admin answers:

YOU need to endorse those checks first. And then send them to the mortgage company, for them to dole out per receipts, and THEN you can request that they release the rest to you. And if they THEN refuse, you can file a complaint to your state banking department.

They do NOT have to endorse the checks first. YOU have to endorse them first.

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