by Guest » Wed Apr 29, 2009 09:41 am
I was told by the mortgage company they never got a bill from my insurance company and my escrow account is over $1,700.00 to the good. I even called in February asking for my insurance information and was kind of given the brush off. Now it's completely my fault. i should have stayed on top of them. I just want my home repaired so I can get insurance myself. I'm just getting the run around by the mortgage company on the process of repairs.. the incident happen on the 11th of April and it is now April 28th I have not received one call from anyone yet. Do they make repairs or what?
Posted: Wed Apr 29, 2009 09:39 am Post Subject:
Hi Lost,
I even called in February asking for my insurance information and was kind of given the brush off.
*Who did you inquire with?
* Is it a homeowners policy or PMI?
Please provide the information and the experts may come forward to help you.
Posted: Wed Apr 29, 2009 11:50 am Post Subject:
lost, sorry but I'm 'lost' as well...so are you saying you were uninsured, and suffered a loss of some kind to your home? Are you asking if the mortgage company will now step up and pay the claim? Please explain this a little better...if I'm understanding your question...your policy was due in feb...and was not paid by your lein holder...if that's the case then you have NO homeowners policy and of course that company will not entertain your claim at all...what happened to your home, and who is it you are hoping will pay to fix it, since you had no policy?
Posted: Thu Apr 30, 2009 09:18 am Post Subject:
if I'm understanding your question...your policy was due in feb...and was not paid by your lein holder
I guess that the OP has made the payment on time but its the lien holder who failed in paying the insurance company. The insurer in turn has cancelled the plan. Can the OP in this situation have the mortgage company to pay for the repair since it was due to their negligence?
BTW, lost, haven't you received any intimation from the insurer’s side regarding cancellation of policy?
Posted: Thu Apr 30, 2009 09:48 am Post Subject:
I was told by the mortgage company they never got a bill from my insurance company and my escrow account is over $1,700.00 to the good
Lost, what policy do you have? I guess if you could re-frame your question it would be easier for us to help you out. There's no use assuming things. OP please explain your situation to us properly.
Posted: Wed May 06, 2009 05:54 pm Post Subject:
As far as i think there's nothing much that can be done.. but ya you can try one thing... there's a specified department called Loss Draft department.. if nothing works there speak to the insurance company.
Posted: Thu May 07, 2009 01:51 pm Post Subject:
What does this Loss Draft department work upon?
Do they figure out the worth of losses?
Posted: Thu May 07, 2009 04:43 pm Post Subject:
The loss draft department helps you right from the claim for the property damage till the endorsement of the cheque from the ins co…
They handle all the procedures for an insurance claim on a damaged property..
Posted: Fri May 08, 2009 12:27 am Post Subject:
What does this Loss Draft department work upon?
It's the dept, that handles the actual draft tracking, ie, if a draft is lost, no cashed within six months, improperly endorsed etc..Do they figure out the worth of losses?
no...The loss draft department helps you right from the claim for the property damage till the endorsement of the cheque from the ins co… They handle all the procedures for an insurance claim on a damaged property..
not in any company i've worked for or known..What I'm not clear on lost, is what insurance company is covering this loss if any at all? Most certainly your homeowners ins company is NOT because the policy canceled for non-payment...was their a forced coverage put on the property by your mortgage company? Or is the mortgage company themselves leading you to believe they are paying for it, (NOT)...?
Please explain to us who or what company is it that you think is going to take care of this claim and what damage is there to your house? From what you have posted, it sounds to me like you have no policy or coverage an no one is going to pay you anything to fix your house...please, i beg of you, clear this up, so we can better assist you.
Posted: Fri May 08, 2009 05:04 am Post Subject: Claim run around
Hi
About insurance and claims for damaged properties as far as i knw.. If u have a mortgage and you fail to have your own insurance or do not submit your insurance policy details to you mortgage co. They will send you about 2 letters asking you to send your policy details if you have any and keep them informed that you are taking care of your insurance.
Moreover if you do fail to reply or do not furnish your insurance policy details they will advance towards your insurance due's and and ac is maintained for you ie the ESCROW ac in this case its called FORCED ESCORW and then they will collect from you for advances made.
In your case as you have mentioned you escrow bal is $1700 it seems your ac is escrowed and your co is taking care of your insurnace.
and once your property is insured you can very well claim for damages caused. (If i have understood your quest correct)
Thanks
Adding to it.. if you want to have your own insurance policy. You need to first make sure that your escrow ac is paid off and there is no amout you owe towards escrow, else you will end up paying towards your ins policy and an additional amout towards your escrow.
(dj, next time you want to add to a post THAT YOU JUST POSTED, click 'edit' by your post and add it rather than posting again within minutes in the same thread...it gives the wrong/bad impression---ok? any questions let me know...thanks, lori)
Posted: Fri May 08, 2009 10:56 am Post Subject:
dj, he doesn't owe anything to his escrow account, he has a 1700 balance (to the good) because his lein holder did not pay his ins bill...which they say they didn't get...so his HO policy is canceled, and doesn't appear they put forced coverage into effect, since that should've been paid thru the huge balance in his escrow acct...so I'm still not clear, untill the OP advises who in the world he thinks is paying for this damage, and what the damage IS for that matter.. :?
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