lender/insurance question.

[Trip McNeely]

i normally like to keep my affairs to myself however i am truly at wits end with my current situation. maybe some of you who have been through this process can chime in. if anything i hope this discussion can at least help to educate others to look very carefully at their lenders and insurance companies. in june we recieved sizable hail storm. call the agent and they send out an adjustor. awesome...... well guys shows up 2 weeks later and is a home inpector from missouri im sure they subbed the work to because of the sheer volume of claims. the adjustment went horrible as my initial gut reaction told me it would. they sent the first check and i couldnt believe how much stuff they missed. i called my agent and he asked me to send pictures so they can add anything they missed. ok i said, but i would like a readjustment because i believe they were off on my roof as well. ... he kind of hymed and ha"d but agreed to send another adjustor. 2 more weeks go by and i finally hear from the other adjustor. this guy was top-notch and made everything right. at this point i was at least pleased they rectified the situation. another 2 weeks goes by and i get my supplemental check. by now its mid-july. because the ins company f-ed up i cant get estimates until
i know what they are replacing. i bring the checks to my bank and ask to put them in my checkinb account so i can begin my repairs. they said they couldnt do that but instead had to put it in an escrow and i had to prove my repairs were being done. (my bank and lender are the same). i gave them an est for my roof and after alot of persuasion there branch manager reluctantly released the amount for my roof. ok great....... so i call my roofer who isnt from bismarck(family friend) he states that he wont make it back til spring because they are done with the roofs they had in bismarck and cant come back for one roof. ok back to square one. had 5 more estimates done. 3 of the estimates came back 10-40% higher than what my
rood should cost to replace. clearly these guys are at the trough licking up insurance gravy. of the reputable names came in at a fair price so i picked one. both told me they wouldnt be able to get to it til spring. fkn sweet, but i understand. i want it done
right. during the same time i called 3 siding companies. i couldnt even get an estimate done until mid aug which was 3 weeks from the time( yes u read that right 3 weeks for an estimate) so being able bodied and a tradesman myself said screw it i will do it myself. so since the beginninh of sept. i have been working on my siding every chance i can. i took care of everything from delivery to disposal and every sheet i put on myself. i finally finished it and went to the bank to have the hold taken off the rest of my money and explain the situation with the roof. they inform me they can only give me what my materials cost plus a littlr more and cant release anymore for my time and labor until the entire project is complete. i was pretty floored and am completey pissed off that my time means nothing to them. i did my best to voice my concerns to them but apparently a policy is a policy. i told him how bogus this policy is and how much time ive wasted running to the bank to get MY MONEY to replace damaged property. i said i am beyond frustrated and as soon as this is over i will be refinacing to another company and pulling all our money from their bank. they are plenty big so im sure they really dont care. i told him i was going to take to social media to tell my story. he said why would u run us through the mud. i said these are your policies and im not fabricating any story. this is what is actually happening to money i paid to be able to access to fix my house. so how am i running u through the mud. i just want other consumers to know what this particular bank does. i own maybe close to 30% of my home. i have over an 800 credit score and weve never missed a mortgage payment. maybe im off here but it really bothers me they want to play big brother with the money i payed for! if anyone wants names pm me

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also anyone know of a reputable roofer confident in putting a roof on on a warm oct. day? and also anyone want to refinance me? and also does anyone have a good insurance company in mind? i never even got a call or visit from my agent since this debacle.

 

[Allen]

U.S. Bank did the same run around with an insurance claim and check for a roof that got hailed out on my place about 10 years ago. Annoyed the hell out of me.

State Farm Insurance was a pleasure to work with on the claim, though. Not the cheapest insurance company around, but not a lot of unnecessary hassle in dealing with claims either.

 

[Bfishn]

Banks have to protect their ass because of all the people that try and screw them over. Remember its not "Your Money" unless you own the house free and clear. The bank very likely owns more of your house than you do, which is why they control the money. If you don't want to deal with banks its pretty simple...pay cash. Pretty much every bank will have these policies on some level. I had a hail claim on my house as well. At US bank if the check is under 20K you have much more leeway. They allowed me to just deposit my $18,500 check in my bank account and go on my merry way. They have called to check in on progress once. I told them my roof and garage doors are done and i am still waiting on siding/gutters. They were perfectly fine with my explanation. They will inspect when done. Your right on siders...impossible to get right now. I'll be waiting until spring.

 

[Trip McNeely]

im under 20k. i pay the insurance how is it not my money to repair the house? i understand they need to protect there monetary interest but if i have close to 100k in equity why would i piss that away for less than 20k in insurance money? its a bunch of shit.

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wouldnt the fact that they require you to carry insurance be protecting there interest.......? so now they need to manage it? how come they werent here protecting their "interest" when i has to fight with my insurance company? how come id they are so interested in there "interests" they arent lining up my contractors and doing all the generaling for me? im calling it for what i see it and as a consumer i feel like ive been getting rodded from every direction. and ive met resistance the entire time because i havent gone along with the norm, like the rest of the sheep who dont question big banks or big insurance.

 

[Bfishn]

im under 20k. i pay the insurance how is it not my money to repair the house? i understand they need to protect there monetary interest but if i have close to 100k in equity why would i piss that away for less than 20k in insurance money? its a bunch of shit.

Because you don't own the house that the insurance claim is on...The bank does, therefor its the banks money and they will distribute it as they see fit. The fraud in banking is unbelievable and the mortgage crises made it more difficult for everybody going forward. You might get more relaxed rules at a smaller local bank, but probably not.

 

[NDwalleyes]

Our mortgage is also through US Bank. I have no complaints. Brought my insurance check in, branch manager endorsed it as did I, deposited to my account. Went out and bought my stuff and fixed my house. Sent my receipts and hours worked into EMC insurance and they sent me my recoverable depreciation check.

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I wonder if it has something to do with the balance on the mortgage.

 

[savage270]

I got into the same type of pissing match with my lender (Capital Credit Union). I literally have over $200k in equity in my home and they would not sign over the $18k insurance check to me. So after dealing with that bullshit, the next day I had a representative from Aspen construction knock on my door. When he told me they would do the repairs for exactly the amount of the insurance estimate and deal with my bank and insurance company if there were any issues, I signed up. I bet they did at least half the roofs in our neighborhood this summer and I was impressed with their work and service. (I even got some pictures on my trail camera of Mexicans peeing in my bushes) My siding materials were delivered 2 weeks ago and they should be doing that next week. PM me if you want the guy's contact number and I would guess they could get your roof done yet this year.

 

[scrotcaster]

Call Bryan 701-805-1937 Local brothers own the business called exteriors plus or something like that in Bismarck, They Specializes in deailing with shit head insurance people.. Were very helpful on my house and a co workers, They got the adjuster to pay for a new siding and did my roof as well,,, Hope your world improves

 

[Trip McNeely]

Because you don't own the house that the insurance claim is on...The bank does, therefor its the banks money and they will distribute it as they see fit. The fraud in banking is unbelievable and the mortgage crises made it more difficult for everybody going forward. You might get more relaxed rules at a smaller local bank, but probably not.

exactly why this pisses me off. the fraud in banking and the insurance industry. why do you think i have a hard time trusting a bank. why do i have to pay for insurance if its not my money to fix my house? this is MY house. i agreed to borrow the BANKS money to buy MY house but thats where this should end. the amount is far less than i have in equity so how would the bank lose? i have a vested interest as well so why wouldnt they see i have motivation to fix it..... as far as im concerned i could walk away from this house take the money and the bank would come out further ahead than if i fixed it and payed it off right away.

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overall, im calling this a very educational experience. as i age i approach everything with alot more caution. i didnt read the fine print, so i guess i learned my lesson. i just wanted to get others takes in it and hopefully generate discussion in your own households. im working on becoming my own bank and with a little more hard work should be able to take loans from myself in the very near future.

 

[3Roosters]

Regarding insurance, be it property and casualty, health, disability, life insurance, etc. I would make darn sure it is a company with good ratings, which IMHO, is what a person should look at versus any potential premium cost saving. The LAST thing you need, especially life insurance proceeds, is to try and track down some fly by night operation come claim time that has changed hands a number of times and there is no 800 number you can track down in that policy you stored away in the safe deposit box long ago!
I would make sure and ask about the claims process before buying any property, casualty, life, etc.

 

[Traxion]

The whole system is messed up. Here is my story- Before we met, girlfriend purchased a house. This was right after a hailstorm, owners said all damage was repaired, home inspector said all was good. Fast forward a bit when I'm in the picture and I immediately see hail damage that was not fixed, but nothing we could do. Next hail storm comes, we call the adjuster, and get roof, siding paint, OS corners, downspouts, etc. Nobody else in the neighborhood get the same damage, it is all from the previous storm from what I can tell. So, the previous owners pocketed $12,000 and sold the house to an unknowing buyer and lender. Now, does your situation make sense a bit more?


Luckily, my insurance company is fine with me fixing it. I did all the work, documented it, and turned in receipts. I was paid fully for initial and depreciation. But, I did check with my insurance company to make sure this would be OK.

The biggest problem is there are too many homeowners that take the money and don't fix their house. Lenders don't want to be on the hook for repairs that should have been done with insurance money. Yes, we pay insurance on their house, but that is part of deal we sign up for unfortunately. Until the house is free and clear in your name, not much you can do. And like my example noted, it protects buyers as well.

It sucks for sure it has been so difficult to do your own repairs. Once again, this is a consequence of uneducated, hack homeowners who do shit work and hurt the value of their (the lender's too) home.

 

[Trip McNeely]

i get what u are saying traxion but the difference is the repairs to all but my roof have been made and they wont release the rest of the money. im not asking them to release it all before any work has been done. plus this is pretty highly visible damage so trying to pass it along to the next guy would be impossible

 

[johnr]

Insurance fraud is the biggest theft there is. Nothing cost us Americans more. When the insurance company and/or lender who owns your house puts stipulations on the funds, it's not because they are dirty, it is because of your dirty fellow Americans sticking it to the rest of us.

If the bank has their name on your house, regardless of how much percentage is "yours" it is the banks house.

Mrs johnr was a banker for many yrs, she is still in finance but not the lending side, I have been an insurance sales guy for close to 20 yrs, I hear your frustration, but 99% of the time it isn't the fault of them or you, it's the God damn criminals making this crap happen.

A bank, and insurance company is regulated more than any other type of business in the business world, they will get in as much trouble paying more than they should sames as not paying as much as they should.

Insurance makes up close to 20% of the total economy, the government has their head up the ass of every company licensed to do business in our state, so if necessary call Adam Hamm's office and file a complaint, likely both your bank, and the insurance company are following the very rules your elected officials put in place for our own best interests.

By the way I am not defending my occupation, just giving a simplified explanation of the rudimentary system put in place through our government oversight

 

[Trip McNeely]

i agree johnr completely with what u are saying. im trying my dammdest to see it fron other sides byt it still tastes like a big warm glass of shit. the time and stress this whole deal has cost me has me ready to live in a goddamn teepee. i bust my ass to make ends meet so 50 percent of america can live off of my hard work only to spend my free time to run around with all this crap. its a pretty screwed up system thats make you dependant on others. guys who can take care of themselves get hosed. the contractirs and insurance companies come out winning every time

 

[johnr]

Mostly agree.

I have been on both ends several times. It's great when I give a widow a million dollar life insurance check, it's horrible when the check is in the ex wife's name. Had both happen. My job is not always a sweet time

 

[remm]

Insurance companies bankers and lawyers. They will all fuk ya, problem is ya need em if shit gets bad. One of those things that are good to have but hope to never need
https://youtu.be/oMi0AJyqkSY

i'll add chiropractors and dentists to the list of peiple we despise until we need them

 

[eyexer]

Like Trump says it's a rigged system.

 

[riverview]

I got a good ins story, 3 years ago in the fall I get baseball sized hail, roof steel siding, vinyl window frames on 3 5x5 windows 2 patio doors, house and garage measure 26x78 house is 2 story with 8/12 pitch, house had shingles and garage had steel roof. got a check for 24k (told ins company I thought check was 10 to 15 k short) went to deposit it. couldn't because lenders name on check. send checks to lender, I was told by lender to get estimates with contractors lic # and copy od liability ins when the contractors are half done the bank will send a inspector out and another inspector on completion) they will issue checks after inspections I tried to get estimates and nobody shows they didn't want to mess with the payment schedule I decided to pay the house off and it was a total pain in the ass to get my 24k back from them come spring I hire a hourly carpenter and me and my hired men side replace windows and roof. materials and the carpenters labor cost 26k, after completion I get another 3500. try to get myself and 2 hired men labor and couldn't. ended up costing me 3 grand in labor to my hired men. few weeks after we finished I was finishing cleaning up mess and scaffolding. get hailed again, north side of house and roof. ins cuts me a 18k check and drops me.

 

[Trip McNeely]

i would think you would have a case for the a.g. consumer protection division no? if mine goes further south i will take it there. ive read up on some shady bank practices in texas involving hail storms and tornados. sounds like there are a few good sized lawsuits going on. some are eveb claiming damages for undue stress. i surely hope it doesnt go there but all i want is my house fixed and no more headaches. i also believe i have a roofer lined up for the next week or two. thanks to the members who have helped

 

[Ericb]

The banks not liable at all to you. Untill you dont owe them a cent that is thier investment. If they have made available the cash and the work isnt done your holding on to their money. I fail to see where you think you are being mistreated.

With all you estimates Im going to assume you have either a bit of nonrecoverable depreciation or a very high deductable and are trying to save some of it. If you would have started off with a good contractor they would have done all of this for you.