NLIC.org

Edgar Said:

House Damage, Insurance Check & Mortgage Company Rules? Some stuff not included under mortgage.?

We Answered:

Any building that forms part of the realty is covered by the mortgage. So, if you now have an outbuilding that you did not have when you purchased the home...that is part of the mortgage.

If the mortgage company foreclosed on the home - the get the out building to. It goes to sale as part of the same property as the house.

Therefore, the mortgage company is on the funds for the outbuilding.

It is not uncommon for the mortgage company to give you part of the money - you do work - they send an inspector - give you more money - you do more work- they inspect. In essence, they treat it a lot like a construction loan.

This is how the mortgage company make sure the work gets done. They are not going to sign the check over to you....let you spend the money- not do the repairs. They foreclose and now have to sell the damaged home. If their policy is to inspect etc a 20,000 loss -- then that's there policy.

Salvador Said:

How much is the monthly payment on a 140K mortgage in Texas?

We Answered:

857.53
the bigger issue is that if you can't figure this one out...please be careful on what hte total costs of homeownership are

Timothy Said:

NO SPAM. Are Texas property taxes included in your mortgage payment like other states -- PITI?

We Answered:

You can't avoid the spam by saying that; those are all automated submissions that plague Yahoo! Answers. You just have to ignore them, everyone else does.

Texas mortgage loans can include an amount for property taxes and insurance with your monthly principal and interest payment. This is pretty typical of most loans.

When you take out your loan, you can request that this not be done (called "waiving escrows"). But the lender will usually charge an upfront fee to allow this.

If you waive escrows and are just a teensy bit late paying either taxes or insurance and a late notice or computer-generated cancellation notice goes out, be prepared for frantic calls from the lender until those are paid and notices are sent to them that everything is fine again. They get VERY nervous if that happens.

But yes, PITI payments are pretty typical in Texas as in most other states.

Margie Said:

How much is it going to cost me for home owners insurance? Houston, Tx?

We Answered:

You can easily check your quotes in internet, for example here - homeinsurance.awardspace.us

Leon Said:

How does a wrap-around mortgage work in Texas, avoiding a "due on sale" clause?

We Answered:

dude, it doesnt