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: Sat Jul 24, 2010 01:41 am Post Subject: mortgage company holding claim check
Try to get a hold of the right department at a Morgage company these days...,,They dont care...
I am a contractor and I belive this is a ploy for the insurance to hold out and paying.I do the work and complete the work but have spent over 6 months on several occasions gettin the check signed from the bank and back in my account...The homeowners are happy and I have done the work but have to spend months getting paid.Any Ideas..
Posted: Wed Jul 28, 2010 11:02 pm Post Subject:
I'm an adjuster and contractor.
Now there's a fine example of a potential for conflict of interest.
Posted: Tue Aug 03, 2010 12:01 am Post Subject: same thing
same thing basement flooded check on its way mortgage said the same thing half the at first the rest later, but I did the freakin basement ! and i want to do it again, they mortgaged the house with an unfinished basement I feel cheated ! Can some one help ?
Posted: Tue Aug 03, 2010 04:29 am Post Subject:
Now there's a fine example of a potential for conflict of interest.
Poster is a public adjuster. That is, does not really adjust claims.Talk about starting up an old thread.
Posted: Tue Aug 03, 2010 06:00 am Post Subject:
and i want to do it again, they mortgaged the house with an unfinished basement I feel cheated
Didn't you take a closer look at it earlier? When will the rest of the claim be met? Have they come up with a condition?
Posted: Tue Aug 03, 2010 04:56 pm Post Subject:
Poster is a public adjuster. That is, does not really adjust claims.
Perhaps, but we've had a rash of problems in the aftermath of the recent spate of wildfires in California the last few years. As soon as the smoke clears and the area evacuation has been lifted, property owners have been descended upon by scam artists posing as "adjusters" and "contractors" (each with a particular interest) who lead the individuals to believe that if they do business with this person, their costs will be lower, their repairs will happen faster, and the work will get done sooner.
The rub is that they frequently ask for upfront payments then disappear with the money.
So I'm not saying that this individual is one like them, but there can be a conflict if the effort as the adjuster is tied to obtaining the work as a contractor. Get 10% of a claim recovery based on a somewhat inflated repair contract, and maximize one's own income at the expense of both the insurer and insured.
I would probably pass on one of the two services from the same individual if I needed both, unless I could clearly see some savings.
Posted: Sat Nov 13, 2010 07:00 pm Post Subject: my roof was damaged in a storm
my mortgage is not current. Our roof was damaged in a storm. We recieved a check from our insurance company to have it repaired. Our mortgage lender is on the check to. will they endorse the check if our mortgage is in default. Also we are currently going through loan modification.
Posted: Sun Nov 14, 2010 03:31 pm Post Subject:
The lender MUST endorse the check in order for you to make repairs. As a condition of their endorsement, they may require that you have a signed repair contract with a licensed contractor itemizing the repairs and the cost. Especially if you are currently in the loan modification program, because there are a boatload of federal rules they must follow.
The bad news is: you're in the loan modification program. The evidence points to lenders using the program to extract as much money as possible from "troubled" borrowers (rather than foreclosing as soon as possible), and then saying, "Well, they couldn't meet the terms required to permanently modify the loan, so we had to foreclose." Hope that doesn't happen to you.
Posted: Wed Jul 20, 2011 01:53 pm Post Subject:
Another "responsible" borrower bites the dust. The lender gets the TARP money, the rest of us get screwed.
Thanks.
Posted: Mon Feb 02, 2015 10:50 pm Post Subject: 《] 98
A pulic adjuster the same as city adjuster , How long does it take for any insurance
claim ,?
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