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10-24-2005, 03:53 PM
| | Junior Member | | Join Date: Oct 2005
Posts: 5
| | | Can Mortgage Company Legally hold Insurance Settlement?
What is the name of your state? Mississippi
Does a mortgage company have the right to hold in escrow an Insurance claim check that is in the homeowners and the Mortgage Company's Name? |
10-24-2005, 04:19 PM
| | Senior Member | | Join Date: Sep 2004 Location: Pittsburgh (North Hills)
Posts: 1,551
| | Quote: |
Originally Posted by utnsee What is the name of your state? Mississippi
Does a mortgage company have the right to hold in escrow an Insurance claim check that is in the homeowners and the Mortgage Company's Name? | Since the mortgage company gave you the money to buy your home, they have an equitable interest in it. When the repairs are made they will sign over the check to you.
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10-24-2005, 08:11 PM
| | Junior Member | | Join Date: Oct 2005
Posts: 5
| | | I have more interest in property than they do!
The home is worth $165,000 of which the mortgage is only $ 68,000, so I have more interest in the property than the mortgage company. |
10-24-2005, 08:21 PM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,307
| | | Is it worth that in it's PRESENT condition? Or will it aGAIN BE WORTH THAT ONCE THE REPAIRS ARE MADE?
Besides, this way they can make certain proper lien wiavers are being collcted by the title company as they disburse the repair draws.
Have you carefully reviewed thed mortgage and note to see what provisions exist for major repairs in this situation?
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Last edited by nextwife; 10-24-2005 at 08:25 PM.
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10-24-2005, 09:06 PM
| | Senior Member | | Join Date: Sep 2004 Location: Pittsburgh (North Hills)
Posts: 1,551
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Originally Posted by utnsee The home is worth $165,000 of which the mortgage is only $ 68,000, so I have more interest in the property than the mortgage company. |
Yeah, but you're still stuck with the mortgage company until you pay the 68K back.
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10-25-2005, 01:09 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,241
| | Quote: |
Originally Posted by utnsee The home is worth $165,000 of which the mortgage is only $ 68,000, so I have more interest in the property than the mortgage company. |
**A: so what. The mortgage company can escrow the check even if your mortgage loan was $1.00 |
10-25-2005, 08:59 AM
| | Junior Member | | Join Date: Oct 2005
Posts: 5
| | | What if you don't send it to them?
what if you don't send them the check and you don't endorse it! Just do deposit only into your repair account? Don't misunderstand, I'm going to fix the house already have the estimates on most of it, just seem useless to tranfer money back and forth, especially when some of the insurance claim is for personal property. Just don't see where they need to be involved!
Last edited by utnsee; 10-25-2005 at 09:01 AM.
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10-25-2005, 10:15 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,241
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Originally Posted by utnsee what if you don't send them the check and you don't endorse it! Just do deposit only into your repair account? Don't misunderstand, I'm going to fix the house already have the estimates on most of it, just seem useless to tranfer money back and forth, especially when some of the insurance claim is for personal property. Just don't see where they need to be involved! |
**A: stop playing games. There is a lot more to this story and you know it.
Good day. |
10-25-2005, 10:36 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
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Originally Posted by utnsee Just do deposit only into your repair account? | Hope the person at the bank who makes this deposit is blind and not very observant the day you try to do this!
Soooo what IS the rest of the story? |
10-25-2005, 11:16 AM
| | Senior Member | | Join Date: Sep 2004 Location: Pittsburgh (North Hills)
Posts: 1,551
| | | I know there is more to the story. DD had a major claim from storm damage. Her insurance company sent the personal property part of the check to her (name only) and the part for the damage to the structure to the mortgage company (with both names on the check).
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10-25-2005, 01:51 PM
| | Senior Member | | Join Date: Sep 2005 Location: Sunny Fl
Posts: 1,162
| | | Just write the mortgage company a check for the 68k you owe them, the the house will be yours and they won't have claim to the insurance check.
Oh, you don't have 68K? well then, I guess you had better work with your partner, get the repairs done and have them send you the money when it's all done. |
10-25-2005, 10:03 PM
| | Junior Member | | Join Date: Oct 2005
Posts: 5
| | | No Rest Of The Story!
There is no rest of the story, it is just goes to show how far we have let the attorneys of the world put us down the crooked road. It will take more time and red tape to do the simple repairs for which I already have estimates for, and the matter of the fact is the roofing repair estimate the as much as the whole insurance settlement. So, if I could deposit the check sign the roofing contract, I would have the job completed in 10 days, but no, I have to send a check to mortgage company out of state, and then let them send it back to me to pay for the roof repair. Is there something wrong with this picture? If this world was run by people with common sense, and not book sense, we all would be better off! Ya, know college has ruined a lot of good ditch diggers! | |
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