by Guest » Thu Oct 16, 2008 04:36 am
Hurricane Ike damage my home. Damage from insurance appraiser is more than half of loan balance. Credit union states that I may not be able to rebuild. Insurance money would go towards loan balance. Can that be done?Flood insurance was force placement.
Posted: Thu Oct 16, 2008 05:11 am Post Subject:
Hi, you may require to check the contract document that was drawn between you and the mortgage company. If it states that the lender can still collect for the outstanding loan amount when your property is damaged, then you're required to forward the insurance check to the lender.
~Jeremy
Posted: Thu Oct 16, 2008 05:16 am Post Subject:
Credit union states that I may not be able to rebuild.
Hey, what's the insurance adjuster's opinion regarding the severity of the damages? Hasn't he/she suggested anything regarding re-building or repairing the house?
Its not the credit union but the insurance adjuster who will decide whether the house is repairable or not and will also decide about the amount payable as claim
Posted: Thu Oct 16, 2008 11:45 am Post Subject:
I'd say your CU is nuts....they cannot dictate that..if you chose to not fix the damage then they will get the money applied to your note perhaps but they cannot say that is the way it's going....your adjuster can help you find a contactor that will work with your company to get your property back where it was prior to Ike..I think you talked to someone at the CU that had no idea what they were talking about...unless your home was in foreclosure or something like that.
Posted: Thu Oct 16, 2008 06:40 pm Post Subject:
Please call wherever you have to and recheck what your options are. I am sorry you have been through so much. My heart goes out to you. Hope you can get it straightened out.
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