Charges for inspection.

Posted: 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.

Posted: Tue May 12, 2009 11:32 am Post Subject:

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??

Posted: Tue May 12, 2009 07:56 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/

Posted: Wed May 13, 2009 07:49 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

Posted: Thu May 14, 2009 03:25 am Post Subject:

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?

Posted: Thu May 14, 2009 05:55 am Post Subject:

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

Posted: Tue May 19, 2009 02:08 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

Posted: Mon Sep 21, 2009 08:33 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

Posted: Wed Nov 11, 2009 02:25 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.

Posted: Thu Jan 07, 2016 02:56 pm Post Subject: Wells Fargo Property Inspection fee

Does any know what I should be looking for on the monthly statement to find out if I have been charged a property inspection fee?