by Nene1956 » Wed Aug 05, 2015 11:08 pm
I live in Oklahoma and received hail damage to my roof . When the insurance adjuster came out he stated my gutters, 2 screens, and a small portion of ceiling damaged from a leak would be included in claim. I received a check with mortgage company on it which I knew would be the case. I had the roof repaired and have had to wait 3 weeks for the remaining money owed to the roof contractor after a lot of phone calls. The mortgage company claims roof was 87% of the claim but will not release the rest of the money till rest of work is done. Here is where it gets interesting, I cannot get the gutter done as no company I have called will wait for the remaining money they want to be paid the day the job is completed. I have explained this to the mortgage company and I don't have the funds to pay out pocket. So what recourse do I have if any to get them to release the remainder so I can get the work done?
Posted: Thu Aug 20, 2015 03:28 pm Post Subject:
You probably need to speak to an attorney because it sounds like the mortgage company is acting unreasonably. As long as you have completed the required repairs, they cannot withhold the money.
Posted: Wed Feb 17, 2016 05:49 pm Post Subject:
Most mortgage companies will release all of the money once you are at 90%, assuming that you are current with your loan. I would recommend fixing the 2 screens and letting them know that you have completed more than 90% of the work and are requesting the remainder of the money...if they resist insist that they send another inspector. Be very nice the inspector as he is the one that can help you here, ask that he please state at least 90% completed...if it is as close as you stated, you should not have any problem getting them to do the same.
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