by Guest » Tue Jul 22, 2008 09:23 pm
We recently had a flood in the basement. We had no problem with our insurance company cutting us a check for the damage (mostly clean up and dry out). The check was written out to us AND to the mortgage company. Our mortgage company would not endorse the check. They had us endorse it and then they would pay 1/2 of the money after they received an estimate from our contractor. We got the estimate, sent it to the mortgage company and then received 1/2 the money. They will only release the rest of the money after an inspection. My question is, what if we do not want to have everything in the claim done? Or what if we did some of this ourselves? A big portion of this claim was for clean up and dry out. We cleaned it and dried it out before the adjuster even got to our house. I also don't want to replace all the drywall in the basement, as it is not that damaged and there is no mold. (But this was part of the claim). I have never had a claim before and really don't know this process. Thank you for any advice! Lisa
Posted: Tue Jul 22, 2008 11:23 pm Post Subject:
My question is, what if we do not want to have everything in the claim done?
Doubt they will release the money...Or what if we did some of this ourselves?
That should be fine as long as it's done satisfactorally..Who is supposed to do the reinspection to ascertain that all the work has been done? Or are you to send photos?Posted: Wed Jul 23, 2008 07:18 am Post Subject:
I agree with Lori, as long as the repairing is done satisfactorily, the mortgage company may not raise an issue regarding releasing the rest of the claim. However, you're required to satisfy the inspector properly to receive the entire amount.
Posted: Wed Jul 23, 2008 07:26 am Post Subject:
I think it would be wise for you to take all the precautions and do the repair works properly, because it may not only create a problem with the claim check but can also cause troubles in the long run. If the flooded area isn't dried properly it may develop mould in due course, and remember that mould damages are not covered under the HO plan. Also this may affect your property's future value.
I understand your desire to save as much as possible on the claim check but shortcuts may not be the right way always.
Posted: Wed Aug 26, 2009 11:41 pm Post Subject: Insurance
I am having the same trouble. I got the check from the insurance co with no problem, then I had to jump through hoops for the mortgage co (21st Mortgage). They would only pay 1/2 of the amount the adjuster allowed and then would pay the rest after work is completed. It has been almost 3 months and I am still no fully repaired. They are holding over $7,000 more of the money and it is very frustrating. I will be paying off my loan soon and cant wait to give them a piece of my mind.
Posted: Thu Aug 27, 2009 10:36 am Post Subject:
The process is a bad one. I've heard the same thing from everyone. The few homeowners claims I have had that would've included the mortagee, I have opted instead to have the contractor and my name on the draft...That way "I" could hold and control the money until he completed the job...then I simply endorced the draft and handed it to him...
Posted: Wed Sep 02, 2009 11:04 pm Post Subject: mortgage company dragging their feet on sending check
A recent hail storm wrecked havoc on our home destroying the roof, gutters, windows etc. half the windows are boarded up and there is at least one leak in the roof. We have jumped through all the hoops and done everything the mortgage company asked for but still waiting for the first half check to get the roofing company started. They claim a check has been sent, yet 5 days later we are still waiting. It annoys me that if we didn't have to wait for the mortgage company, everything could have been repaired by now. The more they drag their feet the more we get pushed back on all the contractors schedules. My question is, is this common? thanks Brock
Posted: Thu Sep 03, 2009 01:29 am Post Subject:
My question is, is this common? thanks Brock
Unfortunately yes....When I handled HO claims, if at all possible, I ALWAYS recommended that I issue the draft (minus deductible) to the insured and the contractor rather than the insured and mortagee...If you don't have the check after ten days, I'd call the adjuster and see if it's possible to have it reissued to you and the contractor...They can stop pay on the original draft if it hasn't cleared yet....Posted: Wed Sep 16, 2009 12:50 pm Post Subject: Insurance claims
I'm an adjuster and contractor. I specialize in insurance loss issues. I would love to help answer questions. 504-458-6104
or email.
Posted: Wed Sep 16, 2009 12:59 pm Post Subject: Insurance loss
Sorry, email is nolaclaims@yahoo.com or call 1866-658-8665. Free advise
Posted: Wed Nov 11, 2009 10:06 pm Post Subject:
I think there is an "introduce yourself" section for this type of thing.
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