by jlivingston » Tue Sep 03, 2013 11:10 pm
Insurance Co. pays on roof damages less then the est. Lien holder retains 50% of amount, Lien issues check to vendor for material (less 50%); vendor places order for the est. cost - 50% of the total cost is now on hold; who is to pay the 50% missing, that the lien holder is holding on too - they said they won't release the amount until the project is completed.? Help?
Posted: Wed Sep 04, 2013 12:06 am Post Subject:
The repair company obtained a contract stating you will pay the remaining 50% when the work is done and does the job. Problem solved. If a roofing company wants 100% of the payment before they start work, I'd run away from them so fast.
Posted: Mon Sep 09, 2013 02:52 am Post Subject:
For starters, insurance paid less than estimate most likely due to depreciation and your deductible. Depending on your policy, the depreciation may be recoverable upon completion. As for the 50% your lien holder has, they will most likely send their own inspector out before releasing it. You need to call them to confirm.
Posted: Tue Sep 17, 2013 11:11 am Post Subject:
Ya.. I have also faced this difficulty. I was not given the amount until my work was completed.
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