Saving money doing repair work myself

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Posted: Tue Jan 17, 2012 4:37 pm Post subject: Saving money doing repair work myself

A storm caused a lot of damage to my house. My insurance company told me that they’d have to submit the check directly to the contractor or to my mortgage company if the repair costs exceed $6,000. The adjuster came in and valued the repair cost at $9,000. I am a contractor myself and I know for a fact that I can do it for $7,000 without compromising on anything. I want to save the money and do the work myself or along with another contractor. I don’t want any extra money to go to my mortgage company. Can it be done? Why is my insurance company giving the check to my mortgage company in the first place? _________________ Register Now to have your Insurance queries solved.

Lamice

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Posted: Tue Jan 17, 2012 6:58 pm Post subject:

Quote:

Why is my insurance company giving the check to my mortgage company in the first place?

Because they are required by law to protect your mortgage companies interest in the home. These days a _lot_ of people are taking insurance money and walking away from their homes or simply not having the repairs done.

The check should have your name on it and the mortgage companies. at hat point you need to discuss the issue with your mortgage company as to who can repair the home and how. But regardless, your name should always be on that check.

tcope

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Joined: 22 Nov 2006
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Location: Salt Lake City, UT
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Posted: Wed Jan 18, 2012 4:37 pm Post subject:

Take it up with your mortgage company, try and negotiate the case and tell them that you are a contractor qualified to carry out all the necessary repair work. If they sanction you to do the repair work, both parties can endorse the check and have it cashed.