lender/insurance question.

[Trip McNeely]

they havent made all my cash available. my deductible is not high. and i can recover about a quarter if my total payment in deprectiation, so a substantial enough amount. so you are wrong, wrong, and wrong. you arent a lender by chance are you? if you read everything ive written you would know that half or more of the work is done. the other half i am at the mercy of an overwhelmed sect of the construction community. furthermore, if you would have read what i wrote you would know that had i received an appropriate adjustment i could have boarded the train sooner and instead am having trouble finding anyone willing to do anymore work until spring. if you look into some of the suits in texas and oklahoma you would see that there are very strong cases against lenders for undue hardship caused by there policies. cases where banks have made people pay remaining balances on loans with insurance money before they could rebuild. or where they hold payments eveb thi work has been completed.

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causing undue hardship or stress sounds like a reasonable reason to be held liable

 

[tikkalover]

If I was you, I'd tell that titty sprinkling lender, if you don't give me the money up front to pay a roofer, "THEIR" house is going to start to getting wet on the inside. ;:;boozer Hope you get things straightened out. Its been awhile since we've had hail big enough to wreck stuff up here. I think I hate hail more then anything else, as it can damage a lot of things.

 

[eyexer]

yep I'd contact the AG and tell them what the hell is going on. bank just wants to collect interest on your insurance money.

 

[Ericb]

Im not wrong! If you can recover your depreciation than all your on the hook for is your deductable. Estamates are meaningless, cotractors are going to charge what your insurance pays. You choose to do this instead of having the contractor do it. I did read that over half the work is done and i did read that that money was made available to you. Any contractor worth a shit will wait for the bank to release their money. Thell be waiting a month or more for the insurance company to pay them the depreciation.

Undue hardship? Have you spent more than the banks released to you? I still think your trying to be clever and find a way to get some cash out of this.

 

[Trip McNeely]

eric while i respect your right to your opinion i disagree completely with you. its obvious you are in the banking industry in some form or capacity. we are on opposite ends of the spectrum and probably wont agree. thats fine. you make it sound like im looking for a cash cow? this couldnt be further from the truth. i just want my damn house fixed before winter and after seeing i had very little chance of getting a decent siding crew here before next spring so i took matters into my own hands. i guess i dont see what yours or anyones problem is with that? from my understanding isnt the banks only concern to make sure the home retains its value to pre-damage state? fine, send an inpector when its dobe bit why do they need to manage everything? how long should a guy wait before getting work done in your opinion? being you are a banker maybe you dont understand my concerns with the ping-pong/tennis ball sized holes in my siding. how long should a house(your banks investmenr) as you put it be subjected to a nd winter with holes and possible tears in the house wrap? what if snow or an ice damn on my lower roof backed up and leaked into the holes in my siding and got behind the step flashing and leaked into my home? when i have an 8ft bubble full of water in my sheetrock ceiling who is on the hook to pay for interior damage? possibly mold remediation in my rafters? is the bank still interested or is policy more important? again if you would comprehend what i write instead of just reading you would see im not claiming to have any undue financial hardship. this was directed at the lawsuits i told you to educate yourself on in the south like i mentioned. in some cases the lender made them repay then loan first and were left with nothing to repair their home? how is that not undue hardship? other cases thenbank held money for up to a year without paying home-owners/contractors. how is that not undue hardship if the home owner chooses to rebuild themselves and foots the bill up front and cant get there money back? in my case im not claiming undue hardship(please comprehend what in saying) however my situation may straddle undue stress. how many hours do i need to miss fron work to meet with contractors? how many trips to the bank do i need to make? i spend alot of time on the road for work so when i do get home i look forward to spending missed time with my children. so i hope you can understand when i have to make multiple trips to the bank and running around town for needless policy when i should be spending my free time with my kids. i do admit the gentlemen ive been working with has been patient with me and i do believe in the end this situation will be resolved. notice i didnt mention any bank or insurance names? i dont need to run anyone through mud(mud they created by the way not me). i just wanted to voice my concerns ans make anyone else who may ever be in my shoes to educate themselves. in the end it is my fault because i agreed to their terms withour looking into it propely, i didnt give it much thought. as a consumer i have the right to voice my problems to any and all consumers. maybe the power of the wallet will change policies maybe it wont. i just have a hard time dealing with the attitudes of big banks and people like yours who keep reminding there clientele the very home they care for and love isnt theirs but is the banks. i understand that yes technically it is, but i feel its a pretty horseshit business model to constantly remind your clients that "oh yeah that house you pay to upkeep and care for, thats ours not yours" and i get that feeling and many others do when catastrophes happen.

 

[Phill Latio]

You want help siding it next weekend? I sure could use a guy that knows how to paint a garage and a shed next spring.....

 

[Trip McNeely]

lol sounds like u didnt read it all either phil. siding is done. waiting for roofer now. thanks for the offer and just ring the phone and we can see what we can do about those sheds next summer

 

[Phill Latio]

So you do need me to help then??? Haha

yeah that's a pretty bogus deal, our mortgage is through our bank and when we had a claim a few years ago ($7k after deductible) when right into my checking account. That was two years ago, still haven't fixed the roof, have the tin but just haven't got around to it

 

[CPAN]

This sounds frustrating. I didn't know insurance claims on a house were paid to the bank. I've been fortunate and never had to file a claim, but that insurance money should definitely go to the home owner and not the bank. I don't ever recall getting permission from my bank to do anything to "my" house nor have they ever been by to inspect the property to check on "their" interests. There are so many things wrong with that bank policy. I feel for ya Trip!

 

[Ericb]

Trip no im not a banker i am in the insurance industry on the health side. I the only beef i have with your post is your playing the victim and threatning lawsuites due to other negligence (im not saying yours). Is it the banks fault your work has not been completed? You said they gave you the money when you had someone lined up to do it. Maybe its the family friend contractor thats given you bad advice. A good contractor would have dealt with the insurance when you had the bad adjustment, and they would complete the work and then help get there payment threw the bank after they completed the work. The reason the bank holds your money is for situations like Phill's. (No offense to you Phill). But lets say his roof leeks and there is damage, then insurance is off the hook. Try buying a house where insurance has paid a claim and the work was never done. either the claim money has to be put in a escrow account or the bank wont touch it.

 

[johnr]

If you free and clear own your home you don't have to insure it, and then when you have tens of thousands of dollars in damages you won't have to worry about an adjuster, insurance company, or bank.

Same as a vehicle with a loan, the banks name is on that claim check too. Crop insurance a lot of times has the bank that holds the operating loans name on it too.

Lots of dishonest folks out there that make this necessary for the bank to secure it's investment.