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 Posted: Wed Feb 24, 2010 3:19 am Post subject: home insurance claim & morgage holder wants the money |
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I just recieved a settlement on a homeowners insurance claim . A public adjuster helped me. My mortage holder is refusing to sign off on it stating he thinks that I might "buy shoes with the money" . What are my rights?
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very unhappy
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| Posted: Wed Feb 24, 2010 3:23 am Post subject: |
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| Now what reason would they have for that? Behind on payments, missed a payment? There must be some other reason why the won't sign the check over to you. |
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Trench
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| Posted: Sat Feb 27, 2010 9:44 am Post subject: |
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Which state are you from?
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Peabody
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| Posted: Sat Feb 27, 2010 1:34 pm Post subject: |
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| Quote: | | What are my rights? |
you kiddin' me..?? You paid a public adjuster and he/she won't tell you? K...I'll play..the money is your mortgage companys money as well as your's...your rights are to fix what was paid for THEN your mortgage company will sign over the funds...what EXACTLY was the damage?
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Lori
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| Posted: Sat Feb 27, 2010 9:01 pm Post subject: |
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| I am still going to go with what the mortgage holder says and assume you are not current on the loan. That would be the only explanation that would make sense as to why they are holding the check. And to comment on what Lori said, that was some money well spent. |
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Trench
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Location: Kansas City
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| Posted: Sat Feb 27, 2010 11:39 pm Post subject: |
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| Quote: | | And to comment on what Lori said, that was some money well spent. |
 
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Lori
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Location: Missouri
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| Posted: Sun Feb 28, 2010 1:30 am Post subject: |
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To follow on the discussion - (with made up numbers)
You had a $10,000. loss.
You paid PA 10% or $1,000.
You had a lets say $500 deductible.
You are short $1,500. from the start to complete the repairs. Insert your numbers and you can see why they want to hold money to make sure the repairs are complete. Then again, Trench could be right and you are already behind on your mortgage. If A or B are incorrect assumptions, then it is reason C. I looked at a lot of vacant homes between 2004 and 2006 for a country wide mortgage company that I believe is no longer in business. Each house was such a mess with old damage, new damage and missing items (copper pipes, siding, basically everything including the kitchen sink). These mortgage companies were taking a beating on the damage, let alone people skipping out on their mortgages.
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Dasfuk
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