How do I not get jerked around on my roof damage settlement from my home Insurer?

Question

It was not the bloodbath my wife and I expected. never the less there was 3 things done that we are not in agreement with.

1. They only gave us half the settlement amount upfront!

2.They made the check out to us and our mortgage company, I'm well aware of the mortgage company's vested interest in our home.

3. To receive the other half we or our contractor must mail or fax them invoices or receipts for the amount of the remaining work and they will send them the corresponding amount based on the receipts.

I just don't want my mortgage company trying take our money or dictate how we fix our home...we are honorable people and not scam artist! Our adjuster assured us that since damage exceeded $5000.00 they have to sign on the check and its all good! Anybody experience this c**p before??????

Answer 1

Talk to your roofing contractor. Tell them how the money is being handled for your repairs. Then call the bank and talk to the person who handles your mortgage, inform them of what is happening.

The bank has no interest except that your home be repaired and the value is not diminished. The bank will have no problem releasing the money if the work is completed in a satisfactory manner.

This is just to insure that the work was done and the contractor was paid. Let's say you did not have the work completed or the contractor was not paid all his money. The contractor could then put a lien on your home - believe me the bank does not want that. So the bank will release the money if the work is done as proposed in the contract.

It's just common procedure to insure you the owner, don't just take the money and not fix the roof, or have some high school kids do it at half the cost and botch it up.

Answer 2

You do not want to know the BS I went thru to get my roof fixed. I got my check up front...but thats where the easy part ended.  I had to endorse it and send to my mortgage company too. They were most of the problem! BUT:

The roofers came to my house without any warning. I had a couch sitting in my driveway that my brother in law was going to pick up, and they decided to use the cushions as knee pads. THEN refused to take the cut up couch off my property. Thankfully my neighbors helped me move it!

I thought that was the worst of my problems...but I was wrong. The worst was yet to come.

It took me 3 weeks and 22 phone calls to get the check released to the roofing company from the mortgage company. I had to pay for an inspection..even tho one is done by our city automatically. And they were only going to send 1/3 the check because thats how its usually done! All the while Ive got the roofing company sending bills and calling for their check.

I suggest talking to one person at the mortgage company, getting their name and extension and ONLY talk to them. That might save you some time and aggravation!

GOODLUCK!!