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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I own property which part of is purchased by NCDOT ghway

Customer Question

I own property which part of is purchased by NCDOT for a highway project, & my morgage company wants to take all of the money I negotiated to be paid for the land, electrical easement. I have never been late on a mortgage payment & this check from the DOT I have to sign for it to be cashed, I would like to use some of the money to make repairs on the house. What are my legal options?
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
Your website said 8 min wait time, its been 20mins ?
Expert:  Andrea, Esq. replied 1 year ago.

Thank you for your question. I will be glad to Answer your questions and the only thing I ask is that you leave a Positive rating so that JustAnswer will give me credit for assisting you. A positive rating will not cost you anything additional, but that is the only way that JustAnswer will give me credit for assisting you, Fair enough ? First, please allow me to apologize if you waited more than 8 minutes, but the Answers that we provide are not "stock" Answers. Each question is Answered individually and is given after research is done so that we can assure each customer that they are receiving a correct Answer and one that is prepared in accordance with the facts of their situation. (Additionally, my typing speed leaves a lot to be desired, so please do not judge my typing too harshly),

ANSWER - I wish I could tell you that, as the owner of the property, you have an absolute right to keep the money that is being paid by NCDOT, but that would not be a correct or complete Answer. I have done literally thousands of real estate settlements and in each one of them where a lender and a mortgage loan were involved, the lender has always addressed this issue in the Note and Mortgage which they prepare and have the borrower sign at the time of settlement. Sometimes, the lender will provide that the proceeds will be divided between the lender and the borrower according to a percentage of the loan, and sometimes the lender includes language that provides a different way that these proceeds will be divided. Sometimes, the lender will include language that requires the borrower to pay down a certain amount, or a certain percentage of the mortgage loan. There is no Federal or State law that governs this division and it depends strictly on what the lender and the borrower have negotiated at the time that the loan was taken out.

Please let me know if you would still like to discuss this via telephone, or if you would like me to review your loan documents in order to give you a definitive Answer with respect to what language your lender included in your loan documents, and I will be glad to send you JustAnswer's "Offer of Additional Services", Okay ? :)