My building suffered damage with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can't finish the repairs needed. My mortgage payments are up to date.
2007-12-10 02:09:59 · 2 answers · asked by Charles C 1 in Business & Finance ➔ Insurance
The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?
2007-12-12 05:15:24 · update #1
Ask the mortgage company if they'll release the funds directly to your contractor.
OTOH, MOST contractors will do the work, and THEN let you pay . . .
But yes, they can do that.
2007-12-10 02:14:49 · answer #1 · answered by Anonymous 7 · 2⤊ 0⤋
Yes, they can do that. They are holding the funds to insure that your building (THEIR collateral) is repaired as needed. You should be able to get a contractor with a letter from the mortgage firm indicating that the funds are available and will be released to the contractor and you when the work is completed as needed.
2007-12-10 04:58:17 · answer #2 · answered by acermill 7 · 0⤊ 0⤋