 Posted: Thu Nov 05, 2009 6:41 am Post subject: |
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Mortgage companys will many times hold the insurance check and release it in phases. A portion for the contractor to get started. A portion in the middle. The remainder once repairs are complete. The mortgage company has a vested interest in the property (basically they own the property and you just live there and take care of it). This process allows them to make sure repairs are completed and the dwelling/building is restored in the event you vacate or foreclose and they are left with a mess.
This usually depends on the mortgage company and/or amount of the settlement, or type of damage.
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Dasfuk
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