Your Questions About Check My Mortgage

Maria asks…

If both the mortgage co. and my name is on a check from the insurance company- what must I do to get it cash?

The check is being issued to cover damages that occured when my toilet overflowed.

admin answers:

Go back to the insurance co and tell them they need to reissue you a check w/ just your name on it.

Lisa asks…

What does a mortgage valuation survey check for?

I’ve tried searching for this on google and all I get is what it is, not what they check for.

The reason I am asking is that we have this survey taking place on thursday for the house I live in because we are purchasing it from my parents.

The problem is my mum has a hording habit, which rubbed off on me through most of my teen and early 20’s – gladly I am over this now but it has resulted in the house being rammed with stuff which will take several months, if not a couple of years, to go through and get rid of.

So I need to know what they will need access to in order to move some things around. There is access to the cellar and loft – although the loft is full of stuff you can get up there, same with the cellar.
but will they need to check all the windows for example as at the moment you cannot get to the windows in my parents room because of all the boxes of stuff that have been horded.

Or are they purely looking at room size and general condition etc like if it was being valued for sale? It is a Victorian property with 3 bedrooms if that helps.
the bathroom is clear (thankfully) and has been for a few years. You would be surprised at how much we have got rid of over the last year or two.
but It’s like it keeps growing, which is strange as I rarely buy anything unless I need it. the only things other than clothes, toiletries and food that i’ve bought this year is some large storage tubs, a wardobe, tv and an xbox 360, can’t see how that adds to it?

Most of this “junk” it is free gifts from catalogues that my mum got and that “it might be useful someday” attitude. Plus all of my and my brothers old toys, clothes, school books. you name it we’ve probably got it somewhere. lol
And the house is fairly clean (there are damp problems but that’s something we are sorting out once purchased) but dated decoration wise, it was just the lots of stuff I was a little worried about.

Is it worth warning the surveyor when I open the door to him?

admin answers:

Hi,a typical Valuation report will include the following.
Location and type of property….Address,type,use,tenure,size of site,situation.

Character…Age,local area.

Construction…such as brick,type of tile,garage,outbuildings etc.

Roads and pavings..are they made up and adopted.

Services…Electricity,gas,mains water and drainage.

Accommodation…no of beds,living rooms,bathroom,kitchen,sinks,cupboards,radiators etc.

Amenities…garage,central heating type,sinks,baths etc.

Repairs needed…under the headings of Essential and advisable.

Other remarks…a report conclusion that may also raise issues such as rights of way,coal board searches,subterranean or flying freeholds etc that your solicitor may need to research.

The report should also give a recommended buildings insurance figure.

The report will be based on observation rather than inspection.Essential repairs may include damp inspections wood inspections roof and drainage structure etc.The lender will contact you to obtain reputable reports for any issues raised.

Essential repairs are more often than not part of the loan conditions and may be reflected in a retention being imposed,Advisable ones may be imposed in the same way depending on the loan to value ratio.

If you feel the price you will pay is discounted please let the lender know as this may work to your advantage.Clutter and decor should not be a main obstacle in your case if the price is very realistic in the first place.Good luck.

Chris asks…

Home owners insurance check made out to mortgage company and me?

Evidently my insurance co made out the check to both myself and my mortgage bank (too bad I didn’t realize it before I deposited it at the ATM this morning…) for siding and roof hail damage. I was on hold for over 40 minutes today waiting to talk to a rep at the mortgage bank (PNC). I hung up and will call back tomorrow when I have more time to listen to bad music.

What’s the normal procedure for handling this? The check was only for $6800. I may hold off a bit on some of the repair, and do some of it myself. I’ve already made arrangements for a window replacement ($900 vs the $450 the ins co gave me). There’s a PNC Bank just down the street. Any ideas on whether they can handle it there?

admin answers:

If you have deposited the check without your mortgage company endorsing it (i.e. Signing off), then the check will be returned as missing an endorsement, i.e. It will not be honored.

If you have already completed the repairs to the home and the repairs were done by a licensed contractor, you can ask the insurance company to reissue the check payable to you and the contractor. Once you receive the new check — if you are totally satisfied with the contractors completed work — you can sign it and give it to the contractor as their payment. The only caveat with doing it this way (if the insurance company allows it) is to be very sure that the work has been completed to your total satisfaction since you will not have any recourse against the contractor once you sign that check except for small claims court. If the repairs are for less than what the insurance company gave you — you are allowed to keep the difference.

The other alternative is to call your mortgage company and speak to someone in their insurance department who will explain the process for getting their endorsement on that check. Usually the bank will want to see documentation that all repairs have been completed such as receipts, pictures, etc.

Basically the mortgage company does not want you to keep the check and not do the repairs since that will impair the value of the home which is the asset backing up that loan. And your insurance company is required by law and by contract to honor the mortgagee’s interest — this information is contained in your insurance policy. Whether you like this or not — the only to get around this is to pay off the house.

Unfortunately the PNC Bank down the street cannot handle this unless you make prior arrangements with the Insurance Department of PNC. Also the check you deposit will be mailed back to you by your bank — so you do not have to notify your adjustor to put a stop pay since that will only cause a further delay.

I hope this information helps. Good Luck

Sandy asks…

I pay half the mortgage, shouldn’t my name be on the house title?

My husband and I keep separate bank accounts. The house mortgage and title are in my husband’s name only but every month I pay nearly half of the mortgage by check to my husband directly or transferring funds to his checking account.

Should I insist that he put my name on the title? It seems like he has everything to gain by this set-up…Is my gut telling me right? I just want to protect myself in the event there is a future divorce.

admin answers:

By the same logic, then, he should insist that your name be on the mortgage loan as coborrower. How you share the family expenses is up to the two of you to work out. It sounds like the two of you have relationship issues to work out.

Steven asks…

What happens if you pay your mortgage twice?

My accountant takes care most of my bills but I specifically told her not to pay this mortgage. I sent my check to the lender to pay my mortgage, only to find out later my accountant paid for it too. Both had cashed yesterday. So I was wondering if the extra is going to my principal, or will lender allow it to be deducted towards the next month’s payment? It’s such a big amount I don’t want it to go to my principal… oh no.

admin answers:

Unless you tell the lender what to do with the funds, they usually just dump any extra into your impound account. It does NOT let you off the hook for your next month’s mortgage payment, though!

Call your mortgage lender and ask them what was done with the extra funds. If they put it in your impound account they should be happy to return it to you. The worst case scenario there is that they’ll settle it up with you on the annual reconciliation.

If they put it against principal you probably won’t be able to get it back. That’s not necessarily a bad thing though, as you just shortened your mortgage term by several months! A single extra payment paid against principal early in the life of a mortgage can knock 6 months or more off the life of the mortgage easily. (And if you doubled up on every payment (P&I only) you’d pay off a 30 year mortgage in about 9 years!)

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