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JT | What right does my Mortgage company have to lay hands on MY Homeowners Ins. Claims check? |
I had a house fire and my mortgage company is giving me the run around about sending me my First Draw, after I’ve done all they have asked.
It appears to me, this is a scam by mortgage companies to hold the insurance claims check, drawing interest on MY MONEY, and dishing it out to me when and how they get ready. WHAT?
Does anyone have any advice on this or experience (I hope not) with this situation.
Additional Details
Not whining, I just don’t understand why they seem to be dragging out the issuing of my repair money. Contractors have got to be paid and the MC is holding up the process, not me.
Thanks for all your answers! |
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bearmeister34
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Every insurance company will put the mortgage company on the check if the damages are over a certain amount. For most, it is $5,000.00. This is a fail safe for the insurance company and the mortgage company.
Lets say for instance, you have an older home, that might not be worth a lot of money, but to rebuild it after a devastating fire would be more than the market price of the home. Without the mortgage company on the check, the homeowner could just take the money and abandon the home to the mortgage company. In certain instances the mortgage company could force the insurance company to pay the claim again, to them, because they are an insured on the policy too. That is the power that the mortgagee clause of the policy gives to them.
They have a vested interest in making sure the house gets repaired. |
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squeeky
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Is your insurance policy a private policy or through your mortage company? |
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Prakash V
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Sadly, you don't actually own the house, the mortgage company does. You entered that agreement with them when they handed over the money to the previous homeowners (and you subsequently took ownership of the house).
They can be slow with money, but it - and you - are their investments. |
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Alterfemego
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Have you provided them the documentation of the repairs? Include pictures as well. People scam all the time. If the mortgage company didn't have strict guidelines, we would be paying much more in taxes to cover their losses. So Anty up the proof, and back it with paper documentation and pictures. If they don't release the money, contact a Real Estate Attorney. |
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nottashygirl
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It is illegal for them to collect interest on that money, and if you can prove that they are, report them immediately.
The mortgage company is the co-owner of your home. And, they probably have more of a stake in it than you do. I bet you owe more and you have paid off on it. As such, the owners of the home are entitled to the insurance check. The mortgage company owns your home....and so their name has to be on the check along with yours. |
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hunter2
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They have every right and it tells you so all over those papers you signed when you purchased. |
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RE Broker
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They have every right and you have to play ball with them. Quit whining and do what they say, that will get you the $$. Every person that has had a fire has had to do the same thing. |
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