by kennedydan38 » Fri Apr 08, 2011 02:35 am
I received an insurance settlement for sinkhole damage to my home for 123,000. I owe 177,000 on the property but it will cost at least 200000 to fix it properly. It does not make sense to fix the property as it is now valued at 80k before the sinkhole was found. My mortgage company has accepted the check and is refusing to pay the principle on the mortgage as they said it is their
"policy" that the home be fixed. Is there anything I can do to get them to pay the principle? So far they have not been willing to budge on this.
"policy" that the home be fixed. Is there anything I can do to get them to pay the principle? So far they have not been willing to budge on this.
Posted: Fri Apr 08, 2011 04:59 am Post Subject:
The value of the home means nothing. You need to review your mortgage to determine how the payment is applied. I think you can also file a complaint with the FHA.
Posted: Fri Apr 08, 2011 06:06 am Post Subject:
Can your adjuster issue the check once again to your contractor. Your contractor may agree with installments. In that case, you may get the work started with an advance amount.
Add your comment