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Re: Hurricane insurance claims handled by mortgage banks
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Home away from home
 
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Im just about at that point actually. We just had an inspector come out and declare that we are 50% complete with repairs so hopefully we can collect something since the inspector is the one who sends them the report.
Dealing with the documents has been a complete pain in the ass but I am at the point where overkill seems like the only option. Did you fax things also or just email and direct mail ?
Posted on: 2013/1/16 13:02
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Re: Hurricane insurance claims handled by mortgage banks
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Home away from home
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Quote:
I did forget about loan sales. The OP should have dealt with a bank that would not sell the loan if that was what took place. I bet the OP went to a mortgage company. I would always ask if my loan would be sold to another company. So you had to go the overkill route which did the trick. Why couldn't the bank furnish you with the details of what "route" to take ?
Posted on: 2013/1/16 12:58
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Get on your bikes and ride !
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Re: Hurricane insurance claims handled by mortgage banks
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Just can't stay away
 
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They do have a HUGE interest in your project. They own your house. It is the collateral for the loan they gave you to buy it. (Or whatever bank you wen through....the loan might have been sold to US Bank after the fact) They want to know that the work is done to repair their collateral and that you don't just walk away from the house and pocket the money leaving them "holding the bag".
That said, they (any bank) usually sucks at this. I am in the middle of a $100k claim and Wells Fargo is holding my money. It took me a while to get everything they needed to them. It felt like I sent it 15 times. I finally got fed up and went the overkill route. It cost me money, but I was able to get on with my life. In one day I sent them 4 copies of everything (certified mail, UPS, Fed-Ex, and fax) I also scanned a copy and got someone's email there and sent it to them as well. Since that time, everything has been good. They send their inspector out pretty quickly when I call for a draw and they call me every thirty days if they don't hear from me. Good luck
Posted on: 2013/1/16 12:13
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Re: Hurricane insurance claims handled by mortgage banks
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Home away from home
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Why on earth would you go to an out of state bank, is this a mortgage company or a regular bank. If is is a bank was it a bank that you did business with in the past while living close to their location ? I hope you got a decent deal must have been quite an incentive to go there.
Posted on: 2013/1/15 21:42
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Get on your bikes and ride !
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Re: Hurricane insurance claims handled by mortgage banks
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Home away from home
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Unfortunately USBHM has no branches in New York or New Jersey within 100 miles and are based in Kentucky or Ohio I think.
I know for NJ banks, the state division of banking supposedly has been helpful in recovering some of the insurance funds, but it might be a matter of contacting some similar dept for the states I mentioned earlier.
Posted on: 2013/1/15 20:46
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Re: Hurricane insurance claims handled by mortgage banks
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Home away from home
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Quote:
I would take a ride over to your bank and speak to the head of the mortgage department. Get everything down on paper on what the requirements are for retriving insurance payouts. Find out every I that needs dotting and every T that has to be crossed as opposed to you being the one crossed.
Posted on: 2013/1/15 17:27
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Get on your bikes and ride !
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Hurricane insurance claims handled by mortgage banks
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Home away from home
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I received notification of a good insurance settlement almost 2 months ago and it is still sitting with my bank (US Bank Home Mortgage).
They claim that I haven't sent them the required documents (contractors bid, w9, license, insurance estimate, etc) yet I've sent them at least 4 times. Every time I call, they claim something else is missing and everyone tells me something different. All of this based on the premise that they have a stake in the repair and want supervise the progress - complete BS. My 4th grade nephew could keep track of documents better. Huge runaround. Unfortunately this does not seem uncommon http://library.hsh.com/articles/homeo ... urance-money-hostage.html http://www.ripoffreport.com/mortgage- ... rtgage-ripoff-t-e657q.htm Has anyone else had a similar experience trying to collect insurance funds from mortgage bank ?
Posted on: 2013/1/15 16:30
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