Charges for inspection.

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PostPosted: Tue May 12, 2009 4:06 am   Post subject: Charges for inspection.  

Hi all



Is it normal for my mortgage co to charge me for an inspection they did.. Just because they thought that my property was affected by flood and wanted to inspect and check what losses i incured???

And i am still not sure if someone did come and visit my property to carry out the so called inspection??

DJ
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PostPosted: Tue May 12, 2009 10:32 am   Post subject:   

The mortgage company would charge certain amount to determine whether or not the property belongs to the flood zone. This is called the flood zone determination fees.


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Karen
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PostPosted: Tue May 12, 2009 11:32 am   Post subject:   

Quote:
Is it normal for my mortgage co to charge me for an inspection they did.. Just because they thought that my property was affected by flood and wanted to inspect and check what losses i incured???

And i am still not sure if someone did come and visit my property to carry out the so called inspection??
DJ I've never heard of this...did you 'just' buy this property or are in the process of buying it? To determine if it's in a flood plain does NOT require an on-site inspection...

What did they call this 'inspection' and why was it done, and how much did they charge? Did they send you a bill? How long have you lived there?



Please go into more detail, re: how, when, why, where etc?


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PostPosted: Tue May 12, 2009 7:56 pm   Post subject:   

Flood Zone Determination is a process used by lending institutions to meet their federal banking regulation requirements to make an evaluation of whether or not the structure that they are processing a loan for is in the one percent chance flood hazard area. Lenders can do this evaluation themselves or, as most elect to do, hire such service provided by firms that make flood zone determinations their sole business.



Also you can check the FEMA website:

http://www.fema.gov/

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PostPosted: Wed May 13, 2009 7:49 am   Post subject:   

Hi Guys



@Karen i guess the fees that you are talking about is charged right in the begining when one buys the property during the apraisal report?



The property is old ..dsnt come under the flood zone as per fema however the point is that..I was not informed about the visit. and the charges reflect as Inspection charges about $15 on my stmt and was aware after checking the stmt.

I have had no one visiting my property at all nor the neighbours are aware of the same ...or someone representing my mortgage co has not been to the property as well.



Thanks

DJ
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PostPosted: Thu May 14, 2009 3:25 am   Post subject:   

Quote:
Karen i guess the fees that you are talking about is charged right in the begining when one buys the property during the apraisal report?




You are right, and thats the only fees that I'm aware of. I haven't hard mortgage companies charging for inspecting the house after damage. At least not with my mortgage company.



Have you spoken to the lender about it?

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Karen
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PostPosted: Thu May 14, 2009 5:55 am   Post subject:   

Quote:
The mortgage company would charge certain amount to determine whether or not the property belongs to the flood zone.


I guess that's a certain percentage of the property worth. How long does it take for them to determine whether this property belongs to a flood zone?



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PostPosted: Tue May 19, 2009 2:08 am   Post subject: Yes  

for the sake of flood zone determination the mortgate company will charge you BUT your insurance company (if they are reputable) will actually find out your eligibility for you for free. I do it all the time and I do not charge so I don't think they should have done that. Mtg companies are tricky why do you think they are all failing ...because of poor lending practices.



If you get a loan for insurance they will tell you that they can add in your insurance policy and your HOA fees DONT DO IT....YOU WILL PAY INTEREST!!! why pay intersest when you can just pay it yourself to the appropriate companies....they probably will add this into your loan amounth and charge you interest as well

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PostPosted: Mon Sep 21, 2009 8:33 pm   Post subject: inspection fee  

Wells Fargo charges a inspections fee to check the property for being maintained and occupied if the loan comes into default. You may see a $30.00 fee on your monthly mortgage statement. They do not tell you when they are coming to inspect nor do you know if they even have come or not. It's just a way to get more money without proving anything. Is it legal? Who knows


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kd
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PostPosted: Wed Nov 11, 2009 2:25 am   Post subject:   

seems pretty strange that you would be charged for an assesment that the lender commisioned - unless of courseyou are contrcatually obligated to carry out such an inspection at your cost as part of the purchase conditions or lending conditions.



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