payments held by mortgage company

[zayde36]

What is the name of your state? fl

is it actually legal for the mortgage company to tell me that, if my settlement check is for more than $5,000.00 that THEY hold the money, decide what work gets done and who gets paid?

 

[mlk1978]

Unfortunately yes! They want to make sure the money isn't going to be blown on personal items, vacations and such. They want to make sure the money is used to repair the collateral. So in alot of case they will take that check from the insurance company, and as the work gets done the contractor or yourself sends invoices and the mortgage company will pay it out.