by Guest » Tue Nov 13, 2012 01:43 pm
Have a lien on property. The roof had been damaged due to hail recently. I have made an insurance claim, and the check has been issued as well. If I keep the repairs for later (minor damages), do I have to return back the money? Can the bank force me to do the repairs now or ask me for the check?
Posted: Wed Nov 14, 2012 01:36 am Post Subject:
They cannot force you to do anything (as in, going out the house and physically making you repair the roof). But they won't sign off on the check until the work is done. The check will eventually expire. Your insurance company would probably end up sending you a letter and then a replacement check after a few months.
There is no reason your bank should even know about the loss until you tell them.
Posted: Wed Nov 14, 2012 04:10 pm Post Subject: Do I have to return insurance money?
Yes, I agree with the above, there is no way they can find out about this,until & unless you inform them yourself.
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