Your Questions About Check My Mortgage Balance

Ken asks…

What should I do with my escrow refund check?

Just completed my first full year in the house and I received an escrow overage refund check for about $1000 from my mortgage co. Should I just put this towards next year’s esrow balance, or deposit it for personal use?

admin answers:

This is what i would do
invest in either
gold ,silver,real estate, find a great stock i liked a lot since the market is getting hammered recently…. Wait to find it at a bargain price ,or save for a rainy day,
invest it and watch it grow! Or maybe pay off or down any debts you have!!!:) Well at least you are getting a check:)

Maria asks…

Fixed Rate loan but payoff balance keeps going up?

My mom has a 30 year fixed mortgage. I have called her bank for payoff info for her, and every month when I check it the payoff balance is going up. Like 30 dollars a month. Her payments are on time so it is not late fees. She called her bank and asked them and they just blew her off saying it was normal? Huh?! Can anyone explain it to me because I don’t get it? Any knowledge you share w ould be greatly appreciated! Thanks!!

admin answers:

Has this loan been modified to one where your mom pays less than what is due every month? {similar to but different than an interest only loan.} Some recent loan modifications have funny twists in them.

Get a bank officer to give you the real truth. – Just make sure to take in the proof of her pmts in case they claim otherwise.

Linda asks…

How does this work? Mortgage company needs to endorse insurance check?

Had some minor house damage due to the central A/C unit backing up and flooding the kitchen/dining/laundry/pantry. ( Not my fault by the way. Something was wrong with it’s installation.) Need to fix some walls and put new flooring in. Got letter from insurance company that mortgage company has to endorse the check. I have no idea how this works. Do I sign it first? Do I send it to them first? Obviously it is for repairs, but does the mortgage company have a say over who fixes the house? Do I have to approve the flooring choice through them? Do they pay the contractor directly? Will they apply it to the mortgage since I am one payment behind? I wouldn’t mind this. We fell behind because we ended up having to stay in a hotel because of the damage and commercial dry out procedure. My husband and I were going to lay tile and do it ourselves, since we have experience AND the adjusted claim amount doesn’t even come close to what it would cost to hire it out. If the mortgage requires contractors to do the work, the work will not be done because I do not have the money to make up the balance (which would FAR exceed the amount of my deductible).

Also, I thought the insurance company would go after the A/C installation company for the damage, instead of charging me the deductible. The A/C repairman pulled out a piece of metal (he called it one of the the “punch-outs”) that should of been removed during the installation process, but was stuck in the drain line, blocking the water up. Do I have to go after the installation company myself, or does the insurance company??

Please explain how this works. I appreciate your feedback:)

admin answers:

Call the insurance company back and say: “I’m very confused about…
Could you please explain this to me?”

Jenny asks…

Mortgage loan was transfered to another bannk?

My mortgage loan was originally with Compass Bank but got bought by Bank of America. I made my last payment to Compass on December 1st and now I am checking my BOA mortgage account and the balance is still the same as it was last month. Does this mean my last payment was never transfered to BOA? Does it usually take this long for it to process?
I did call both. They both say I need to talk to the other bank. Compass say’s I did pay it and it was transfered and BOA say’s it doesn’t show anything. I am going to call again just getting opinions on here too so calm down.

admin answers:

Yes, it can take that long. Best bet: contact the bank, just in case something did get lost or misplaced. Make sure you have proof of your final payment.

Charles asks…

I am looking for the best credit card rewards program?

I am looking for the best credit card rewards program or programs for my situation. I spend around $90,000 per month (yes, $1,080,000 per year) on mortgages for rental units that I own. I am incorporated so the card(s) could be either personal or business cards. I would not roll over a balance month to month and would pay everything in full so the interest rate would not matter.

I have excellent credit and currently do not have any credit cards. I currently pay the mortgage balances out of my checking account from the rent that I bring in on the units and never have any problems with making the payments.

I think that my current situation of using straight cash for cash out of checking into the mortgages may be wasting an opportunity to earn credit card rewards every month for travel. I’ve had trouble finding anyone that spends the amount that I do monthly and I would be OK with getting several cards provided that they were a profitable venture. I do not really care what the annual fee is on the cards either, as long as I will receive dramatically more rewards than I am paying annual fees.

Thanks!

admin answers:

A bank credit card will not allow you to pay a mortgage from a credit card.
A mortgage company will accept a credit card for payment.
Many people have tried – trust me.
You would have to do a cash advance. The fees are so heavy, that it would not make sense to use it this way.

Capital One Rewards offers a 1.5% cash back card.
No gimmicks, no tricks, no points, no check to call for and wait for in the mail.
Also know that many utilitiy companies will charge you about 2% to 5% to put payments on a credit card. Therefore making cash back rewards again… Useless.

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