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I am curious to see what other people's experiences are with dealing with mortgage companies and claims for property damage.
I recently was awarded over $11K to replace my roof, gutters, some ciding, and other random things on the house due to hail and wind damage.
I receive the intial check of the 11k minus depreciation of around $7,400 which was made out to myself and my mortgage company.
In the meantime, my roofing work was completed which made up about 50% of the $7,400 check.
The mortgage company is just now receiving the check which I mailed 2 weeks ago priority mail (hard to believe that one).
They are now saying that they will only issue 30% of the money if they have received all the paperwork and then I have to pay for an inspector to come out to get the rest of the money. I have a contractor that did my roof wanting to get paid and now they are only going to get partial payment in a couple of weeks, have to wait for an inspection, and then get the rest of their money. This entire process will probably take a month.
Is this how this normally works? I dont see how the mortgage company can withhold payment from a contractor for work already completed. I really do not see how this is legal.
Moral of the story - stay the hell away from HSBC.
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