Mortgate Co. trying to take Claim check

[las365]

I also plan on filling it in. Kind of hard to get someone to remove debris, dump dirt and level it out though when it's 5 below zero outside most of the time. Can't do nothing on that till the weather breaks.

Just hold the check until then. If it goes stale, the insurance carrier will re-issue it.

 

[Grandma's house]

Well good luck to you. Sorry I got cross with you. I don't want to see you get into any trouble. I understand your not wanting a pool, REALLY I do.

A pool DOES add value and like a room addition it DOES count in the lenders/appraisers value.

Lenders squirm when people do things like take out a bathroom to turn into a pantry This is decreasing the value (less baths) or turning garages into rooms.

A pool is an asset in an appraisal. They do not want it less than or filled in.

 

[SnowCajun]

You are calling me a liar and that I am not. What happened is exactly what happened with the circumstances surrounding my house. DON'T YOU EVEN PRESUME TO KNOW THE CIRCUMSTANCES OF THE BUYING OF THE HOUSE.

Unfortunately kikiwoman that's what happens when you come to a public forum, you leave yourself open to be viciously lambasted as if your post was an open invitation for a public stoning and you were the target. I've had it happen to me here also, and I think sometimes it's done by bored readers for self amusement purposes only! I really don't understand the reasons actually. They piled onto me once in the Grandparents Rights section calling me a liar about virtually everything I said and accusing me of just wanting to be a martyr. I was stunned and couldn't figure out why, everything I'd said was 100% the truth, but it didn't seem to matter.

As for your situation, it stinks honestly and we recognize that, yet to get half the cost of a 40+ year old inground pool seems pretty fair when they normally are expected to last only 20 years if you're lucky! I found this on the internet, "Concrete swimming pool construction is the most durable type of inground pool, with a life expectancy of 15 to 18 years; longer if the shotcrete plaster lining is replaced when necessary."

I'm not an attorney and don't pretend to know it all here, but I'm nearly 56 years old and have been around the block a few times, I think common sense counts for something! I would imagine you got more money for the pool than it cost to build it 40+ years ago, so my theory on the matter would be to take the money and fill in the hole, pull up the fencing and plant you a nice garden, or do some great landscaping that would please your eyes. That may not agree with what you wanted to hear, and I'm sorry that folks made you feel like they thought you were a liar, like I said, sometimes people get snapped at in these forums, I'm not sure why but never the less it happens anyway. Still the old saying stands pretty true, you get what you paid for and though you may feel you got a few sour responses, at least they didn't cost ya anything.

Good luck with your issues,
SnowCajun

 

[Grandma's house]

that was very nice Snow...

I did apologize to her...Also see that I too get bashed on here. Look at the grandparent section of just yesterday.

Fill it in and have a B-B-Q. Pop open some champaign!

 

[garrula lingua]

OT, but
I didn't see where Grandma's House needed to apologize.
GH's posts were informative - she gave very good advice.
OP just didn't want to hear it.

 

[moburkes]

I'm trying to figure out why OP is trying to change the terms of the contract that she agreed to when she purchased the home. I'm also trying to figure out why OP purchased on ACV policy instead of a replacement cost policy. A replacement cost policy would rebuild a brand new pool. Lastly, why is everyone else to blame when OP got themselves into this mess?

 

[Grandma's house]

I thought of a replacement policy too today...I think she ought to re-visit that insurance company!!! To be sure.

 

[SnowCajun]

also...make SURE it's o.k. with the insurance co. as well. This portion I am not familiar with. The insurance co. will want the pool replaced? After all...they did insure IT and give monies for IT.

I don't really believe they can demand she go in debt to replace a 40+ pool that their insurance check didn't even come close to covering the full replacement cost on anyway? Her insurance covered the value of what was there, but nature and time had eaten away and destroyed something that had already lasted over twice it's regular life expectancy. Actually with it being that old I'm surprised it was ever insured in the first place!

True, that didn't mean her old pool didn't have some aesthetic value to the property, even antiquated as it was, yet if it was falling apart it surely didn't sound very safe either. Should she decide to not replace the pool and use the money instead to landscape her backyard, or maybe build a nice patio and bbq area, or something that would improve the house in some other way, wouldn't that be equally as acceptable since she didn't want a pool anyway?

Clearly she's damaged, it won't be cheap to fill in this huge hole in her backyard and resod or replant it with matching grass, plus repair whatever damage and mess will be caused by trucks or frontend loaders bringing in fill dirt for that big empty hole. I think to make her whole again will bite a big chunk out of what they gave her towards the value of this 40+ year old dinosaur anway!

I may be wrong, common sense isn't always what's looked upon as legally correct, yet I still don't see where they can either make her pay to replace this ancient pool or force her to put the money towards the principle on the house unless it's so stipulated in the policy!

Just my 2 cents, maybe only 1 cent worth, I dunno!
SnowCajun

 

[moburkes]

Obviously, you have no knowledge of insurance. Shhhhhhhhhhh.

 

[nextwife]

Obviously, you have no knowledge of insurance. Shhhhhhhhhhh.

Or obligations under which one who has purchased a home SUBJECT to the terms of the existing mortgage. The owner was likely not in compliance with the mortgage agreement if their insurance was not sufficient to replace any components necessary.

 

[Grandma's house]

It needs to go to the principle balance already!!! OR...

Send it in like this to the "payment processing dept." with your March statement...take the 10k and divide it by the payment amt. lets say it's 1k mo. so now 10 mos. payments.

So you now don't have a payment for 10 mos. What a break and think of all the dirt you could buy...lol and grass seed too...

Double check your next mos. statement that follows that one to be sure they applied it that way. Worst case is they will intercept it and apply to the principle bal.

heck...ON the check itself NOTE it: TO BE APPLIED AS March through Dec. 08 payments.

I like this idea very much...don't you?

 

[SnowCajun]

Obviously, you have no knowledge of insurance. Shhhhhhhhhhh.

I don't argue that point, if you were directing that "Shhhhhhhhhhh" at me! But, this being a forum I come here to learn, and people can't learn without discussing the issues. I don't come here pretending to know it all. Isn't this the general concept of a forum, to discuss and learn? I don't care if you have 14k worth of posts or not, that is in no way a license to be rude with immature statements such as, "Obviously, you have no knowledge of insurance. Shhhhhhhhhhh!" I was trying to understand why her insurance wanted to take her money if she decided not to go into debt replacing this pool she never really wanted in the first place and was already virtually junk.

As it stands right now she's damaged if by nothing else other than a humongous hole in her yard that either needs to be filled because it's a danger just sitting open, or a new pool put back in. Why can't the insurance money be used to fill in this humongous hole and let her have a normal yard again? Isn't insurance for protection against disasters?

I can see possibly where you could argue that the mortgage company is damaged also because this house no longer has a pool which everyone says brings extra value to the house, but in all honesty they should surely have known that a 40+ year old pool, which has already outlived its life expectancy by twice, should never have been counted as that great of a value to the property in the first place? Also, how could a homeowner get full replacement coverage on something already that far past its life expectancy??

SnowCajun

 

[Grandma's house]

I don't argue that point, if you were directing that "Shhhhhhhhhhh" at me! But, this being a forum I come here to learn, and people can't learn without discussing the issues. I don't come here pretending to know it all. Isn't this the general concept of a forum, to discuss and learn? I don't care if you have 14k worth of posts or not, that is in no way a license to be rude with immature statements such as, "Obviously, you have no knowledge of insurance. Shhhhhhhhhhh!" I was trying to understand why her insurance wanted to take her money if she decided not to go into debt replacing this pool she never really wanted in the first place and was already virtually junk.

As it stands right now she's damaged if by nothing else other than a humongous hole in her yard that either needs to be filled because it's a danger just sitting open, or a new pool put back in. Why can't the insurance money be used to fill in this humongous hole and let her have a normal yard again? Isn't insurance for protection against disasters?

I can see possibly where you could argue that the mortgage company is damaged also because this house no longer has a pool which everyone says brings extra value to the house, but in all honesty they should surely have known that a 40+ year old pool, which has already outlived its life expectancy by twice, should never have been counted as that great of a value to the property in the first place? Also, how could a homeowner get full replacement coverage on something already that far past its life expectancy??

SnowCajun

Possibly???So what was the appraiser suppose to do? NOT count the value and say it is old and needs repair, so he isn't placing any value to it??? Then they would have HAD to repair it prior to closing because it IS there!What if the roof is old too..Should he give a negative adjustment for it? Then the lender would require a new one prior to as well. The home appraised with the value of the pool. Old or not it was/is there and a standard appraisal does not require all the mechanics be checked out.Now...an F.H.A. appraiser would HAVE to of got a pool inspection done if he thought repairs were needed/first in detail and THAT would have never closed...It's there. An appraiser could be convinced to not note it at all but is risking his license to do so.

 

[BoredAtty]

I just want to know what kind of law I am breaking for refusing to endorse a check and sending it to them.

Have you read your mortgage documents? What do they say on this issue? Depending on what you agreed to, you could be in breach of your contract if you refuse to indorse the check and send it to the mortgagee.

Most likely, there is a clause in your mortgage that states that insurance proceeds will be used for restoration or repair of the collateral, and that if such repairs are not economically feasible, then the funds will be used to pay down the debt.

Does the mortgagee know that the insurance funds will not cover the expense of restoring the pool?

 

[xylene]

Just an FYI:

Since when does a pool add to the value of a house?

People pay money to fill in pools to sell their house.

I'd attack the argument that way. The mortgage company wants value. Not a pool.

Get proof to shows not having a pool doesn't change the value adversely.

Also,it seems pretty obvious that a large measure of this conflict is between you and your husband.