I financed a home, with a Modular home dealer, in the process of finishing the home the dealer's finisher replaced a leaking water valve. overnight the valve blew off flooding the whole house.
next the dealer had a restoration company out drying floors and tearing out tile (vct) after the dry out they wer told to replaced the under belly with all new insulation and hard board. they did there job. then the dealer sends out there tile man, Now i get informed that all this is being claimed in my name with the insurance company, Now all the checks came to me and in and the finace company name. The money that came in was way over the cost of the repair. The restoration company had gave me a copy of the bill I was told to sign these checks and send them on to the finace company, or else they would try and take my land and forclose on me. Now this is all way before I had even signed the Note .
how do I find out where the rest of the Money went.
It defently was not applied to my Morgage
2006-08-27 13:45:49 · 2 answers · asked by Anonymous in Business & Finance ➔ Insurance
If you hadn't yet signed the note on the home, then you legally didn't own it yet.
Your insurer should never have been asked to pay for the repairs, but the home constructor should have been required to make a claim against their own insurer.
What you describe leads me to believe that the builder was 'self-insured' for these kinds of losses and didn't want to pay the repairs out of their own pocket but rather try to stick your insurer with it.
You should call you insurer immediately and make certain they know you did not own the house at the time of the damage. They'll demand their money back or sue the builder directly for subrogation.
The checks were for more than the current claim estimate because they are likely paying for more repairs that haven't been done yet. An insurer is not going to overpay for repairs.
2006-08-27 17:53:55 · answer #1 · answered by markmywordz 5 · 1⤊ 0⤋
If you have proof of the bills and the cheques are more, go back to the insurance company. If they find out you are the one that will be arrested for fraud.
2006-08-27 13:50:15 · answer #2 · answered by sarah071267 5 · 0⤊ 0⤋
This is fraud. You are not insured on a home that you have note bought. You have not bought the home until the note is signed.
2006-08-27 14:55:23 · answer #3 · answered by mcooper06 3 · 0⤊ 0⤋