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    Renting & Real Estate

    Question

    What is mortgage inspection for our apartment?
    I got a note the other day saying that I have a "Mortgage Inspection" tomorrow at 9am..It sounded pretty serious. I have a few holes in my walls from friends that were out of hand and am nervous about that. I need to fix them asap. What's the deal with these inspections?
    a few seconds ago 1 Answer

    Best Answer

    Chosen by Asker
    Dear Just Fly, It has been my experience that a "mortgage inspection " would be initiated by the bank that is holding the paper. It may be they simply want to see if the building has lost a lot of value or it may be that the owner is behind on mortgage payments and the bank wants to see what they can sell the building for , or what the market value of the building is. Ask the person doing the inspection if he/she is an appraiser or what? You can also ask if the mortgage is in trouble and they may answer sometimes. Hope this helps you out. Gary Larsen
    a few seconds ago

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