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
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