Mortgage Company failure to release insurance claim funds

[ewygirl]

What is the name of your state (only U.S. law)? New York

Long Story: Our mortgage company is dragging their feet in releasing the second draw payment to our contractor. This Tuesday it will be 4 weeks since our inspection for next payment to be released was done. The inspection results came in "as less worked completed than agreed". This has been rectified. BUT......they are still not making a payment or decision on if to release the next payment. What do I do? What can I do to "help" them make a decision or make a payment?

 

[latigo]

What is the name of your state (only U.S. law)? New York

Long Story: Our mortgage company is dragging their feet in releasing the second draw payment to our contractor. This Tuesday it will be 4 weeks since our inspection for next payment to be released was done. The inspection results came in "as less worked completed than agreed". This has been rectified. BUT......they are still not making a payment or decision on if to release the next payment. What do I do? What can I do to "help" them make a decision or make a payment?

If the issues are not shortly resolved, start here:

Consumer Help Unit
New York State Banking Department
One State Street
New York, NY 10004-1417
1-877-BANK-NYS

 

[You Are Guilty]

Ah... banking?

I'm sure you meant the NYS Dept. of Financial Services. It's the new entity that subsumed, among others, the NYS Insurance Department. If one were so inclined, one could file a complaint here:

http://www.dfs.ny.gov/consumer/fileacomplaint.htm


{edit}
For whatever it's worth, the other entity that DFS absorbed was Banking, so you really weren't all that far off.