Posted by Matham on 3/17/11 12:19pm
Msg #376495

Two questions

What is an inspection? Is this done in california? I am asking because it was not covered in my class. Also, is there a document in the loan documents that gives the company the right to enter the property without permission should the company be under the impression that the borrower may be behind by payment or more: this is before any talk of foreclosure.

Reply by John/CT on 3/17/11 1:04pm
Msg #376502

Inspections

As a rule they do not have anything to do with loans or entering a borrower's premises. These are generally business verifications: You're assignment is to call on the contact person at the business location; With the questionnaire you've downloaded, check off specific items; Take pix of specific items (signs, locks, etc.) ; Complete the on-line checklist and upload pix. All of this for $35 ... or maybe if you're lucky, $50.

Reply by Lee/AR on 3/17/11 1:34pm
Msg #376508

Re: Inspections

Actually, there are some 'inspections' where they <just> want you to: drive there, take a picture of the house, see if anyone is still living there, and, if yes, talk to the person, get the person to call them on the phone (they suggest you use your cell & hand it to person), then come home & fill out a too long with much redundant info questionnaire on line... and I don't remember what the ONE I did paid, but it wasn't near enough. If there is someone home and you can't get them to call, they dock your pay. And that 'call on my cell'.... I think not.

Reply by Linda_H/FL on 3/17/11 2:22pm
Msg #376516

As to inspections - those wouldn't be covered in your notary class or your loan signing class as they're a totally separate entity. It's something you'd get into if you get hooked up with a company who does them. I don't, personally, wish to do them because the fee offered for the time required in my area (travel) makes them a financial loss for me. Some of the types of inspections are also called field chases where you try to get the debtors to call their creditor. Those pay even less and it's not something I want to do - nothing worse than trying to get between someone and the company they owe money to IMO.

As for the lender inspecting, there's a clause in the FHA mortgages, and probably in the standard mortgage as well, that states "Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property." They reserve the right to come in and inspect - unless the mortgagor is in default, most times they don't exercise it but they still reserve that right.

Hope this helps.