Your Questions About Check My Mortgage

Donna asks…

What does ISAO mean in the Pay to the Order of line in a check?

I received an insurance check today for some storm damage which was made out to my mortgage holder followed by ISAO and then my name. I do not know if this means I need to get my mortgage lien holder to endorse the check as well as me or if I am named as their representative for the mortgaged property. Does anyone know what the ISAO means? Thanks!

admin answers:

It means something like ‘is settlement of account of’. As a practical matter, it means YOU don’t get the money until the mortgage company releases it to you. This is to prevent you from using the check for something other than fixing the damage to the home and defaulting on the mortgage.

Mandy asks…

How long does it take…………….?

How long does it take for a mortgage check to clear? If I recieve my check at closing, can I cash it the same day and recieve some of the money. Or does it take time to clear?

admin answers:

About 5 days

Paul asks…

If your husband is making mortgage payments with his checks and the house is in her name can he take her house?

My friend wants to divorce her husband and is wondering about that.

admin answers:

Depends on whether the house was purchased before or after the marriage. If before then the house is hers, however the husband could sue for half of any increase in value since the marriage. If purchased after the marriage and she’s in a community property state then any profit or loss would be split, and if not a community state it could go either way… Split half the increase (if any) in value or split right down the middle.

Michael asks…

Is saving 50% of my pay check to little?

I get paid 2 times a month & an entire check is for the mortgage & all my bills & my other check i keep in the bank..But at 32 yrs old should i be saving more?
BTW i do have “Tight Game” when it comes with the ladys & dating but i dont wanna get married because they will take away my money in a divorce..as the divorce rate is 50%..

admin answers:

At a time like this, I’d say screw the ladies.. No offense to them, but we’re in an economical time where every dollar counts– every penny counts…

…I always lived under the impression that pennies make dollars– so, I never throw them away… I see people (that I know are not well off) throwing money around as if they can afford it… Well, back to your question.

Screw the “tight game” with the ladies, and use it as an advantage for your banking situation.

P.S. I don’t know where you get your statistics, but I’m sure they are screwed up anyhow… Most of divorces happen to be young kids… If you fall outside this bracket, than the statistic you should be focusing on, is the one that captures your age group for your particular race.

I save anywhere from 30% – 70% of my checks depending on which check and what quarter of the year it is. My mean savings / per check are about 43% savings. On the 15th of each month, I make it a good practice to pay my bills for the following month.. As to pay ahead.

When you make your budgets, do you underestimate your income and overestimate your liabilities? This is also a good practice.. Because, I find that the money I save each month for my above formula’s, don’t just provide me a safety net, but also a reward.

Another great thing is to eliminate your debt. I recommend checking out Dave Ramsey’s Baby Step Program… You can find that here:

http://www.daveramsey.com/etc/cms/index.cfm?intContentID=4123

I started 2 years ago.. And am currently on Step 2. But, you might not take that long… I however, was on the brink of bankruptsy with over 400,000 in school loans…And, I’m still in school. But, for you, considering your situation, it maybe significantly different.

I’d also cut up my credit cards if I were you.

Good Luck with this… By the way, I’m 28.

–Rob USMC

Linda asks…

Can a mortgage be cancelled a couple of days before the closing date?

I just financed a car and am worried the bank will stop my mortgage if they do another credit check.I had to get a car because my job will be a fair distance away and the closing date is next week. Anyone give their opinion?

admin answers:

Once a deal is closed, teh only action that will undo the r/ship is a failure to make the payment.

The car is not a problem SO LONG AS THE LOAN HAS ALREADY CLOSED. And the loan proceeds advanced However, keep in mind that if you do refinance in the near future or buy another property, then the car will be on your credit report.

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