Sunday, October 29, 2017

Keeping them honest - edition 2

It has been 14 days since we received our insurance money (in full).  The mortgage company requires that mortgagees sign over insurance checks to them in their entirety so they can govern the repairs - why is the mortgage company doing this?  They say it is per recommendation of the Consumer Financial Protection Bureau (because I am sure that Elizabeth Warren thinks a big bank handling your insurance money is a good idea - insert eye roll here). 
It has been 64 days since our house flooded, and the mortgage is holding our money hostage for the foreseeable future.  How long is that foreseeable future?  Here is a best-case scenario:

October 18th- Sent the check to the mortgage company via FedEx
October 19th - Request put in for an inspection (see previous blog post)
October 24th -  Mortgage company sent the check to their bank
October 27th - Second request for inspection put in; no record of the first request even though I was able to provide the name of the agent that I talked to.  Someone will call me back regarding that (I'll hold my breath).
By Tuesday October 30th - inspector will contact us to schedule first inspection
By Wednesday November 1st - funds will be available and a request can be put it to send us our first payment (1/3 amount of the check)
By Monday November 6th  - request will be approved and a check cut
By Thursday  November 9th check will be mailed (currently we have spent about 2/3 of the check via our own cash and credit)
By Tuesday November 14th - receive our first check

Tuesday November 14th is 80 days past the flood and 28 days past the receipt of the check from the insurance company. And, that is the process for the first of three checks. #neverthelessshepersisted




Tuesday, October 17, 2017

Not so fast.....

It is easy to hit a brick wall mentally when dealing with large corporations that see you as an account  / claim number rather than a person.  50 days after the flood we received payment from the insurance company.  Before you cheer, the check is made out to us and the mortgage company.  If you have never dealt with a mortgage company in this capacity (loss coverage), I sincerely hope that you never have to. So what happens now?  The mortgage company requires us to endorse the check for the entire claim amount and give it to them.  They hold the funds and provide us payments in thirds: 1/3 paid in 7-10 business days, 1/3 paid at 50% completion after inspection that they arrange and we pay for, and the final 1/3 at 100% of work completion after the last inspection that we again pay for. They dictate all of the terms and reserve the right to with-hold payment to us based on receipts and/or inspections.  If you have been following the blog, you know that we are pretty far down the path of repairs having spent spent money and credit to bank roll the process this far.   The first allotment of money the mortgage company provides may not even cover the amount we have spent thus far!  While I can appreciate the mortgage company's desire to make sure the house is repaired, it seems very unfair that they hold all of the money for a policy that we paid for, though were not required to have.  Here is to keeping the mortgage company honest - the loan is held by Mr. Cooper, formerly NationStar Mortgage.  Expect me to report the ups and downs in the process.  Fingers cross for more ups.

Friday, October 6, 2017

Every call gets a different answer....

Insurance companies are in the business of paying out claims when disasters strike, so I'm semi-surprised at the lack of continuity in service.  One lesson I have learned in all of this - keep calling back until you get some sort of answer.   The Final Report is the last requirement for a claim to be paid and was turned into the Insurance Company on the 20th of September.  Yesterday I called to check on the status of our claim payment.  Below are the broad strokes of my conversations; these phone calls took a collective of 56 minutes.

Claims Company: Everything has been submitted from our end.  Follow up with the insurance company.

Insurance Company:  We are missing the Proof of Loss report.  Follow up with the adjuster / claims company.

Claims Company:  Proof of Loss report was submitted on the 19th of September.  Follow up with the Insurance Company.

Insurance Company:  Let me transfer you to tier 4 support, "disconnected".

Insurance Company: Let me transfer you to a claims processor. I was able to speak with our claims processor who had not seen our file before my phone call, nor did he have it on his list.  After a brief discussion he promised to call me back before 8pm CST with an update.  Never received a call back.


Sunday, October 1, 2017

A house becomes a home.


In honor of Paige's 14th birthday, today October 1st.  Rocky Creek was just a house before she was born.  She fills our life with love and laughter - that makes a home.