Posted by phil fernandez on December 26, 1998 at 08:55:13:
The bank, I’m sure qualified you for the mortgage on this house. Part of your deal involved repair funds. Banks are specific as to where the money will go and to what specific repairs are to be made. This is all part of the mortgage commitment the bank made to you and no the bank would not let you apply the funds to another real estate deal if you do not use the money for the actual repairs.