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It is also lifting the requirement for a property inspection.
Fortunately, they insisted on withholding their security deposit from their seemingly delightful contact until after completing a property inspection.
A property inspection should identify any dry rot and reveal any windows or seals that aren't watertight, including in the roof.
"If you are 45 days late on your mortgage payments, the bank can send out thugs to do a property inspection and break into your home," said Matthew Weidner, a Sarasota, Fla., lawyer representing homeowners in several similar cases.
Lang, who lives in Houston, reached out to one of her representatives in the Los Angeles area, Robert Buchanan, who owns a property inspection and preservation company for faulty mortgage loans.
According to California real estate law, you must place a deposit (usually around $2,000) into escrow and will have 17 days to schedule a property inspection, title search and secure financing.
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If you make an offer on a property, be sure to include a contingency for a complete property inspection within a reasonable period of time, along with the right to cancel if that inspection shows excessive wear and tear, or problems far beyond those you are willing to accept.
At this point in the foreclosure process, the financially beleaguered original homeowner is often still living in the foreclosed property, which makes it extremely difficult to arrange a thorough property inspection.
In addition they tacked on some late fees, a half dozen certified mail fees, a $315 title report fee, four property inspection fees, a Loan Document Copy Fee, and threw in another appraisal.
You may use this Property Inspection Checklist and Report as a form for creating your own or as is to record the property's condition.
Because its computer system automatically generates a request for property inspections when a borrower becomes delinquent — to make sure the property is being kept up — the $15 cost of the inspections piled up.
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