Rain! Glorious Rain!!

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Originally Posted by Skip

Have you ever had one actually check after the work is done?

Once they didn't even care/follow up. Another time a letter from the roofing company was good enough.

I know they send plenty of language once they endorse the check about getting it done, default, fraud, etc, etc, etc... In the mortgage you do agree to keep the home in good repair. I've never wanted to test it but it seems they really don't care.




Ok.

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I have had clients who had a second hail claim two years after the first. The client had pocketed the money after they had sent the check to the lienholder for endorsement. After the second hail claim the client sent the check to the mortgage company for endorsement. The mortgage company held the check and told my client he would need to open a trust account where the funds could only be dispersed to the licensed contractor who had a signed contract to repair the roof.

Here's the fun part. Since insurance had already paid for the roof once and the insured had not repaired it, the second claim pay out was much smaller. It was $3500 short of what was needed to repair the roof. Since the insured had already spend the funds from the first claim, and the deductible had been applied a second time (separate losses mean separate deductibles) he had to come up with $5500 to get the contractor to get the funds for the repair to the roof.

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Originally Posted by Irving

Lien holder would probably throw a wrench in that plan since their name might be on the check.

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If it's applied towards that particular lien I doubt it.

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Originally Posted by SSChameleon

I have had clients who had a second hail claim two years after the first. The client had pocketed the money after they had sent the check to the lienholder for endorsement. After the second hail claim the client sent the check to the mortgage company for endorsement. The mortgage company held the check and told my client he would need to open a trust account where the funds could only be dispersed to the licensed contractor who had a signed contract to repair the roof.

Here's the fun part. Since insurance had already paid for the roof once and the insured had not repaired it, the second claim pay out was much smaller. It was $3500 short of what was needed to repair the roof. Since the insured had already spend the funds from the first claim, and the deductible had been applied a second time (separate losses mean separate deductibles) he had to come up with $5500 to get the contractor to get the funds for the repair to the roof.

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WOW! That would suck. My insurance company (State Farm) has always followed up so I guess they would always know. They not only wanted to know it was taken care of but get the class 4 cert on file.

I guess that's why you don't play games!

Yeah, I've had a mortgage company hold up a payment to the roof contractor because of interior stuff (that they weren't doing) wasn't complete. It was something stupid to, like paint and a light switch cover.

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Originally Posted by Irving

Yeah, I've had a mortgage company hold up a payment to the roof contractor because of interior stuff (that they weren't doing) wasn't complete. It was something stupid to, like paint and a light switch cover.

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That is beyond petty!

I wonder how they decide who to check on and who not to? Do the insurance and mortgage companies share info? Maybe that's why they've never really checked on my house.

Just curious... It does seem interesting.

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Originally Posted by DenverGP

Maybe it varies by policy, but this was not the case when my roof was replaced last year.

My roof was at least 20 years old. So I figured they'd pay me for at most 50% of the replacement due to depreciation. And the initial check they cut was for about 50%. But once the roof was complete, they paid me the other 50%. So they paid 100% of the roof cost minus my deductible, even with a roof that I had pretty much gotten all the life out of it.

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Agreed. USAA paid 100% on my roof and windows. Then again, it appeared to be the orginal roof (>20 years old) due to the shingle design. I upgraded the windows to low-E glass but it was minimal out-of-pocket IIRC.

What the mortgage company does is completely independent than the insurance company. Like all companies, some are better than others. I haven't had a lot of cases where the mortgage company holds stuff up, but they usually send someone out with a copy of the estimate. This person is just someone who works for a bank, so they may not even know what they are looking, but they treat it like a check list. In the case I'm referring to, it was some lackey that couldn't put a check mark next to a switch plate cover line item, so held up the entire process because "the work wasn't completed." I can only imagine what a mess that person would have created in a situation where someone had a water loss where popcorn ceiling, wood paneling, and wall paper were damaged, but the home owner was restoring with different materials.

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Originally Posted by Skip

Have you ever had one actually check after the work is done?

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My mortgage company wouldn't release the funds until the work was inspected.

Going back to rain.
Yard has dried up now and I had to turn on sprinklers tonight.

Tornadoes going on right now in Keeneseburg?