mortgage company holding claim check

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PostPosted: Tue Aug 03, 2010 6:00 am   Post subject:   

Quote:
and i want to do it again, they mortgaged the house with an unfinished basement I feel cheated


Didn't you take a closer look at it earlier? When will the rest of the claim be met? Have they come up with a condition?
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PostPosted: Tue Aug 03, 2010 4:56 pm   Post subject:   

Quote:
Poster is a public adjuster. That is, does not really adjust claims.




Perhaps, but we've had a rash of problems in the aftermath of the recent spate of wildfires in California the last few years. As soon as the smoke clears and the area evacuation has been lifted, property owners have been descended upon by scam artists posing as "adjusters" and "contractors" (each with a particular interest) who lead the individuals to believe that if they do business with this person, their costs will be lower, their repairs will happen faster, and the work will get done sooner.



The rub is that they frequently ask for upfront payments then disappear with the money.



So I'm not saying that this individual is one like them, but there can be a conflict if the effort as the adjuster is tied to obtaining the work as a contractor. Get 10% of a claim recovery based on a somewhat inflated repair contract, and maximize one's own income at the expense of both the insurer and insured.



I would probably pass on one of the two services from the same individual if I needed both, unless I could clearly see some savings.


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PostPosted: Sat Nov 13, 2010 7:00 pm   Post subject: my roof was damaged in a storm  

my mortgage is not current. Our roof was damaged in a storm. We recieved a check from our insurance company to have it repaired. Our mortgage lender is on the check to. will they endorse the check if our mortgage is in default. Also we are currently going through loan modification.


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PostPosted: Sun Nov 14, 2010 3:31 pm   Post subject:   

The lender MUST endorse the check in order for you to make repairs. As a condition of their endorsement, they may require that you have a signed repair contract with a licensed contractor itemizing the repairs and the cost. Especially if you are currently in the loan modification program, because there are a boatload of federal rules they must follow.



The bad news is: you're in the loan modification program. The evidence points to lenders using the program to extract as much money as possible from "troubled" borrowers (rather than foreclosing as soon as possible), and then saying, "Well, they couldn't meet the terms required to permanently modify the loan, so we had to foreclose." Hope that doesn't happen to you.



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PostPosted: Wed Jul 20, 2011 1:53 pm   Post subject:   

Another "responsible" borrower bites the dust. The lender gets the TARP money, the rest of us get screwed.



Thanks.



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PostPosted: Mon Feb 02, 2015 10:50 pm   Post subject: 《] 98  

A pulic adjuster the same as city adjuster , How long does it take for any insurance

claim ,?


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PostPosted: Mon Feb 02, 2015 10:50 pm   Post subject: 《] 98  

A pulic adjuster the same as city adjuster , How long does it take for any insurance

claim ,?


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PostPosted: Wed Sep 30, 2015 11:31 pm   Post subject: Mortgage Company won't sign & return Insurance check  

The claim is water damage. The work is done and insurance paid quickly. I paid the contractor in full because they did a great job! I also bought several items such as the new wood flooring.

Now my Mortgage Co, PHH Mortgage has decided not to cooperate and has not returned any of the money to me. This happened in July, they requested the check directly from my insurance Co and held it for a month and returned it to me unsigned. Now they said an inspector will be necessary before they even consider giving me any money but when I call I get a run around or the "management" personnel is "Not In" but I never get a return call from my voice mail. My mortgage is paid ahead of time always and I only owe 65K on a 1.5M house!


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PostPosted: Thu Oct 01, 2015 4:38 am   Post subject:   

So your issue is with the bank, not the insurance company. If there is a local branch, walk in and speak to someone in person. If not, call and demand to speak to a manager. If no cooperation file a complaint.



https://www.federalreserveconsumerhelp.gov/about/before-i-file-a-compl aint.cfm



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