by skaterdadd » Wed Jun 24, 2015 04:32 am
Ok...have went through and read the posts above... what i havent seen is my situation!!!... so here goes....current on payments.. i owe $3,893 on a $98,000 home..i put down $75,000 and financed the rest.. we had some bad weather here in Oklahoma.. had to claim on the roof.. ok.. adjuster was called out.. got the insurance claim check..$8700 and some change..had to sign it.. had to get a estimate ....estimate was $8500 to repair the roof.. Mortgage company sends me back only $5000 of it,,says once i get the roof fixed then i will get the rest....????? I OWE $3,800 total... thats its.. .. i own it!!... and they want to be a total douche over $3700???... explain that one to me
Posted: Wed Jun 24, 2015 12:59 pm Post Subject:
They can't just keep the insurance company and apply it toward the mort. I suspect you _might_ be able to send them a letter asking them to do this but they might not do it even then. It's two separate things. A person is entitled to the proceeds from the insurance payment no matter how much they owe. If you owed $50,000 I suspect you'd not want the mort. company to just keep the entire insurance check and apply it toward your loan. Same thing no matter if it's $50,000 or $1000. If you only owe $4,000 why don't they just release the $8700? Well, that is up to them. They still may not get paid that $4000. I doubt an home owner is going to stop making payments at this point but it's possible. As such, they are just following their guidelines. I suspect that the person holding the check does not have the authority to over-ride this.Perhaps if you moved your complaint up the chain someone might release the difference. If you really want them to do this, make a few phone calls.
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