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Do I have to use a licensed contractor to make repairs on my home if their is a mortgage?
Wiki User
∙ 14y ago
Yes and No. No you don't need a licensed contractor if you are only doing minor repairs like painting a room or putting in new carpet you don't need a licensed contractor to make the repairs.
Wiki User
∙ 14y ago
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Who is responsible for the home repairs when in a reverse mortgage?
The home owner is responsible for repairs to the property. Depending on the amount available under the reverse mortgage, funds from the reverse loan may be available to make those repairs.
How do you get your mortgage company to release your insurance check Adjuster reported home is completed Mortgage company wants to send last check to a contractor?
Was this a total loss? The money should go to the contractor unless you have already paid him out of pocket then the money would go to you...re-imburse you only what it cost to rebuild home and only what you paid the contractor. The mortgage company pays the contractors directly to be sure that they are paid in full and not mechanics liens are on the property. Provide proof of paid in full acknowledged by the contractor and the company will then release the check to you.
What are home equity loans for?
A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.
need money for home repairs?
kitchen repairs roof repairs
What is a home mortgage?
A home mortgage is a loan that is secured by property through the use of a mortgage note that ultimately grants you a mortgage for your home. You can obtain financing on the purchase of your new home or any home.
What is registered home builder?
Licensed contractor.
What is the best way to go about choosing and hiring a contractor for home repairs?
I am looking for a contractor to assist me with home repairs. How can I be sure that I am hiring a good one? Is there a way to check them out other than references?
Who is responsible for the home repairs when in a reverse mortgage?
The home owner is responsible for repairs to the property. Depending on the amount available under the reverse mortgage, funds from the reverse loan may be available to make those repairs.
Who gets paid with a construction mortgage loan, the contractor or the home owner?
Construction mortgage loans are obtained by the home owners. Most of the funds are used to pay the contractor for the construction project though.
Do i have to use an insurance payout to repair damage when i am going to sell the house and have reflected it in the price?
If you own the home free and clear then no,, you do not have to make repairs. If you still have a mortgage on the home then yes, the terms of your mortgage contract require you make the repairs regardless of whether the home is for sale or not. When there is a mortgage involved, the decision to repair or not is our of your hands. it's up to the mortgage company.
Does home owners insurance cover required city permits due to damages to the home?
Your insurance will pay the contractor. The contractor gets the required permits. The contractor will have already factored in the cost of any permits needed to make your repairs into his bid for the job.
Advise a good contractor in San Diego,Ca?
Try working with this contractor Groysman ConstructionHe did home repairs to us. We are very satisfied with both price and quality.
Can senior citizen home owner file taxes on home repair when there is no mortgage?
Whether there is a mortgage or not, home repairs are generally not a tax deduction. CERTAIN home repairs for improving energy efficiency of a home (insulation, better windows, etc) MAY be eligible for a tax credit (better than a deduction). However, you really need a tax advisor.
There is insurance money for home repairs being held by the mortgage company what happens to this money during a foreclosure?
I really recommend calling your mortgage company to ask.
Will mortgage companies aid home owners when insurance company rejects claim after sewer collapse?
NO. The mortgage company does not warranty the purchased home. However, If you have acquired equity in the home you might be able to take an additional loan (second mortgage) on the equity to effect you repairs.
How do you get your mortgage company to release your insurance check Adjuster reported home is completed Mortgage company wants to send last check to a contractor?
Was this a total loss? The money should go to the contractor unless you have already paid him out of pocket then the money would go to you...re-imburse you only what it cost to rebuild home and only what you paid the contractor. The mortgage company pays the contractors directly to be sure that they are paid in full and not mechanics liens are on the property. Provide proof of paid in full acknowledged by the contractor and the company will then release the check to you.
What does licensed and insured mean for a home siding repair or replacement contractor?
Means he is legal with the state and if he screws up you can sue him.
