Can anyone who has dealt with insurance check and mortgage company assist? (1 Viewer)

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Short and sweet, our insurance claim was over 10k for Ida. Our mortgage was sold to a different company October 1. Finally have my check after getting all that info changed with insurance. I went to submit my check to the new mortgage company, but they are saying it needs additional handling. OK. My issue I am concerned with is that I paid my roofers out of pocket to get it done now and not in 2-3 months. I also installed my own insulation to free up money for an upgrade to the AC we are replacing (higher seer).

My mortgage company wants to control the flow of the money and is saying I need to submit this
Signed Contractor's Proposal and W-9 Form
Contractor's Conditional Waiver of Lien

Am I going to have trouble since I paid them already? Roof is already complete. Insulation is already installed. Everything seemed to be falling into place and now we are looking at this, so I am freaking out. They don't open until the morning.
 
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You keep your roofing invoice?

So from my experience they will disperse in usually 3 waves. After each, they will do inspection to verify work done.

So shouldn't be too large an issue so long as the work is done and done right and you have invoices to back it up if for some reason they question some work
 
You keep your roofing invoice?

So from my experience they will disperse in usually 3 waves. After each, they will do inspection to verify work done.

So shouldn't be too large an issue so long as the work is done and done right and you have invoices to back it up if for some reason they question some work

Roofers gave estimate, but not actual invoice. Paid with cashiers check. Hopefully the parish inspection is enough to get this going. I wouldn't mind getting that money back.
 
Short and sweet, our insurance claim was over 10k for Ida. Our mortgage was sold to a different company October 1. Finally have my check after getting all that info changed with insurance. I went to submit my check to the new mortgage company, but they are saying it needs additional handling. OK. My issue I am concerned with is that I paid my roofers out of pocket to get it done now and not in 2-3 months. I also installed my own insulation to free up money for an upgrade to the AC we are replacing (higher seer).

My mortgage company wants to control the flow of the money and is saying I need to submit this
Signed Contractor's Proposal and W-9 Form
Contractor's Conditional Waiver of Lien

Am I going to have trouble since I paid them already? Roof is already complete. Insulation is already installed. Everything seemed to be falling into place and now we are looking at this, so I am freaking out. They don't open until the morning.

No. You won't have any problem as long as you provide them with the documents they requested.

If you already paid them, get the release and send a copy of the release and a check. The loss draft departments of most mortgage companies will turn it around in less than a week.

Since you did not use a GC they are going to require a release from every sub-contractor. They may even require proof that the permits and inspections were pulled and closed out. This is to protect them from you getting the money and not paying the bill or doing the work and to protect you from having to pay for it twice.
 
No. You won't have any problem as long as you provide them with the documents they requested.

If you already paid them, get the release and send a copy of the release and a check. The loss draft departments of most mortgage companies will turn it around in less than a week.

Since you did not use a GC they are going to require a release from every sub-contractor. They may even require proof that the permits and inspections were pulled and closed out. This is to protect them from you getting the money and not paying the bill or doing the work and to protect you from having to pay for it twice.

We are using a GC for the exterior and interior work, but they don't do electrical or AC.

When you say "a check", do you mean the cashed cashiers check?
 
We are using a GC for the exterior and interior work, but they don't do electrical or AC.

When you say "a check", do you mean the cashed cashiers check?

It would have been easier for you in this situation had you used the GC as a GC and had them provide the sub work including Ac and electrical and whatever, but it doesn't matter.

A copy of the check won't even be necessary with the release from the sub or whoever they're concerned with. Had the GC done the job in full, he could have provided you with one document that would have cleared it all including allowing you to recover your depreciation from the insurance company.
 
It would have been easier for you in this situation had you used the GC as a GC and had them provide the sub work including Ac and electrical and whatever, but it doesn't matter.

A copy of the check won't even be necessary with the release from the sub or whoever they're concerned with. Had the GC done the job in full, he could have provided you with one document that would have cleared it all including allowing you to recover your depreciation from the insurance company.

Definitely a learning experience.
 
Side note. Not applicable to your situation, bit the local TV news did a segment where the mortgage company wasn't giving the owner their insurance money for the repair so they could pay the worker.


Love this 30 day pay letter. ..

Screenshot_20211102-232732_Facebook.jpg
 
I should finally be receiving my first installment from the mortgage next week. Shame that it's taking weeks since the insurance paid out to actually receive the money, but it is what it is. Thank God I got an equity loan last year...

Inspector came out and put in that 40% is complete, so I'll be receiving 25% of the funds. Interesting how that works eh? They only work in quarters.
 
I should finally be receiving my first installment from the mortgage next week. Shame that it's taking weeks since the insurance paid out to actually receive the money, but it is what it is. Thank God I got an equity loan last year...

Inspector came out and put in that 40% is complete, so I'll be receiving 25% of the funds. Interesting how that works eh? They only work in quarters.

While i understand the frustration ( i was there in 2005 post fire loss ) look at it from the mortgage company point of view ( as if you were the mortgage co )

You own that home- as is. If the homeowner decides to take the $150,000 check, move out, let it foreclose, and it still has a mortgage balance of $150,000 , but in current state worth only $75,000, thats a problem.

So to protect THEIR investment ( as it is theirs, not yours until you pay off mortgage ) this is how they dole out the funds to ensure that the work is done and done properly to return their investment to the point it was on 8/24.

Thats really all this is about.

glad to hear its moving along.
 
While i understand the frustration ( i was there in 2005 post fire loss ) look at it from the mortgage company point of view ( as if you were the mortgage co )

You own that home- as is. If the homeowner decides to take the $150,000 check, move out, let it foreclose, and it still has a mortgage balance of $150,000 , but in current state worth only $75,000, thats a problem.

So to protect THEIR investment ( as it is theirs, not yours until you pay off mortgage ) this is how they dole out the funds to ensure that the work is done and done properly to return their investment to the point it was on 8/24.

Thats really all this is about.

glad to hear its moving along.

I definitely understand their position with it, but the amount of time it is taking if frustrating. It took 4 business days... 4.. just to have an account created in their portal. Then, once you filled out their required paper work, you were able to send the check. Then once they received the check, it took a week to process, then because I requested an inspection right away hoping to get a jump on this (I used my own funds to start), they cancelled the "initial 10,000 payment" and now I get to wait for the inspection check to roll out. Hopefully I get it before the week of the 15th.

*breathes*
 
I should finally be receiving my first installment from the mortgage next week. Shame that it's taking weeks since the insurance paid out to actually receive the money, but it is what it is. Thank God I got an equity loan last year...

Inspector came out and put in that 40% is complete, so I'll be receiving 25% of the funds. Interesting how that works eh? They only work in quarters.

That's BS. I don't know the law in La, but you should absolutely be able to get more. Call for another inspection and see if they won't get you the next 25%.
 

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