Your Questions About Check My Mortgage

Betty asks…

2 names on a check. No “and” or “or” between them. Can just one of them deposit it or are 2 signatures needed?

It is an escrow reimbursement check from my mortgage company. I paid the money into escrow. The bank has my ex husbands name on the check. I’d rather not have to go to him for a signature and explain to him that this is actually my money and he is not entitled to half of it.

admin answers:

Usually both signatures are required. You have several options:
-You can sign your name and see if the bank will accept it.
-You can call the place that issued the check and have them reissue another one made solely out to you.
-You can try writing “For deposit only” and then your account number on the back instead of signatures. As long as your name is on the pay to part of the check and the account that the check is being deposited into, this shouldn’t be a problem.
-You can call your bank and ask them what they suggest.

Richard asks…

IS THER A WEB SITE I CAN CHECK TO SEE IF THE MORTGAGE ON MY RENTAL IS BEING PAID?

admin answers:

I like RealtyTrac.com. They have a special section to check Landlords in Foreclosure

Linda asks…

Do I have to use my insurance check to actually repair something in it’s entirety?

I asked my insurance company to pay for a roof because their were leaks, they sent check, it was endorse by mortgage company. My roof is only 14 years old and now another contractor told me that they could fix the leaking parts around the vents, but I do not need a whole new roof. Should I and can I with out getting into legal trouble. Repair it and pocket the rest? What could happen with the insurance company? What could happen with the mortgage company. I have the money for the entire roof in my hands.

admin answers:

You won’t get into legal trouble.

HOWEVER. The insurance company will most likely refuse to pay for ANY more leak claims, and they DEFINATELY will refuse to pay for another new roof, if something happens to this one, because you’ve already been paid.

They can also cancel your policy if you don’t get the roof replaced.

Roofs have a limited lifetime. Yours, seems to be at the end of it’s usable life. If it were me, I’d definately replace the roof, since the insurance PAID for it. Because if a tree lands on it . . . There won’t be coverage, if it’s still the old roof.

Mark asks…

Got homeowner’s insurance check $18,000 to my wife, me and the mortgage company?

Now I have to get Bank of America to sign this so I can get my roof fixed. Does anyone know the process at all. What do I do. I have several contractors and alternate quotes but I just need to get it fixed.

admin answers:

What do you do? You choose a contractor to repair/replace the roof, hopefully for the amount of the check or less.

Susan asks…

Who knows how I can get out of this fix that I’ve gotten myself into

how do I get out of this mess that I’m in. I just recently retired and before, I had a great job ensuring that everything was paid on a timely matter. Then I became ill and got a medical retirement from my job. Since then everything has gone down hill. Now I find myself living check to check. Mortgage, expensive vehicle, creditcards, and nwow college tuition for two kids. I’ve tried to down size by trying to seel the car, getting a consolidation on the credit cards and small loans. But to no avail, no assistance. Need help in the worst way! Don’t want a repo on my credit, no bankruptcy neither. My medical retirement won’t permit me to work. Need positive advice in the worst way.

admin answers:

It looks like you’ve at least made a first step, and realize that things need to change, and quick. Most people never even get that far, so congratulations to you! I take it that you don’t have an IRA or any kind of pension or retirement to help you out other than the medical retirement.

The first thing that stuck out to me was that you are paying college tuition for two kids. Yes, you promised to pay – yes, they probably deserve it, yes you want to feel like you started your kids off right. But circumstances have changed, and it’s time to tell the kids to go get student loans. You’re not going to be able to help them anyway in another 6 months when you can’t write the check. Sit them down, explain the circumstances and tell them to go apply to Fannie Mae. They can get part time jobs while attending college and relieve the stress on you.

Next – the car. I can understand not wanting a repo on your credit, but if you start falling behind on payments, it’s going to ruin your credit anyway. Wouldn’t it be better to take the hit on your terms instead of walking out one morning to find the car gone? In this day of high gas prices and dealers who can’t give cars away, you are probably upside down on your payments and can’t sell it for what it’s worth. I’m not sure how far you have to go to pay it off, but if you can’t sell it, it’s time to let it go. Take the hit, buy a used car with cash and your insurance will go down too – and if you get one that gets great gas mileage, you’ll save there too.

Mortgage – again, I’m sure it’s very difficult to think about selling the house. If you don’t have an expensive car payment and no college tuition, you may be able to keep the house and afford it. Have you thought of getting a renter to rent a room? This may help you while you get on your feet.

Credit Cards – you say you want to consolidate. This is a good idea, but at the same time, if you get a loan you can’t keep using the credit cards. Have you tried prosper.com to see if you can get a private loan there? Often the people who invest there will take a chance on others, especially if your credit is still decent. But to make this work, you need to cut up all your credit cards but one (do NOT close down the accounts, just don’t use them) and then use the one for emergencies only. Choose one that has a decent limit but won’t get you into trouble ($2000 or so would be good).

Take it one step at a time and look at yourself and your finances as you would look at a total stranger. Then make the decisions, as hard as they may be, as if you would give advice to someone else. Good luck! You can do this 🙂

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