Can Your Mortgage firm Confiscate Your Homeowner's insurance Damage Claims Proceeds?

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Can Your Mortgage enterprise Confiscate Your Homeowner's assurance Damage Claims Proceeds...and then apply the money to your Mortgage Balance, leaving you facing a Mechanic's Lien for non-payment of the heal bill?

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As a result of damage to a homeowner's roof from a storm, the homeowner filed a damage claim with his Homeowner's assurance company. The adjustor inspected the damage, and the assurance enterprise sent a check to the homeowner. As is traditional with most assurance companies, the check was made out to both the homeowner and the Mortgage Company, let's call them "Homecomings Financial" for lack of a better name -- and because that Is their name. The homeowner sent the check to the Mortgage enterprise expecting them to endorse it and send it back while he hired a contractor to heal the roof.

Instead of endorsing the check, the Mortgage enterprise sent the check back to the homeowner Unendorsed along with a box of forms the homeowner was required to fill out and sign and return along with the endorsed check. The Mortgage enterprise would then deposit the check (possibly earning interest from the Homeowner's assurance claims proceeds). Once the Mortgage enterprise received all of the above, they would send out a third party inspector, and if the damage had unquestionably occurred and the heal work was unquestionably scheduled, they would send the homeowner a check for One Third of the claim. At the 50% completion point, the homeowner was required to experience the Mortgage enterprise to send out the inspector again, and within 3-5 enterprise days, the inspector would inspect, take a couple of days to file a report, and after the Mortgage enterprise received the inspector's report, they would send the second One Third of the claim money. At the 95-100% point, the above course was to be repeated so the homeowner could receive the final One Third of His Own assurance Claim Money (not along with any interest the Mortgage enterprise might have earned while keeping it in Their bank account).

...It Gets Worse...

In the fine print of one of the forms was a notice that the Mortgage enterprise reserved the right to Redirect the claim proceeds toward the mortgage balance instead or returning the money to the homeowner to pay the contractor if "certain conditions" existed, one of which was either the "repairs" would restore the asset to its "original condition" or "substantially heighten its value" -- and the Mortgage enterprise gets to make that decision. an additional one "condition" was if the balance on the mortgage was Less than the estimate of the damage claim, again the Mortgage enterprise reserved the right to Redirect the claim proceeds toward the mortgage balance.

One of the forms Required by the Mortgage enterprise was a "Hold Harmless" bargain that said if the homeowner failed to pay the contractor, the Mortgage enterprise would be held harmless from any Mechanic's Lien filed by the contractor.

Let's Recap:

Don't let it happen to you. If you haven't checked the fine print in your mortgage contract, check it Now! If Your mortgage enterprise has a similar provision in your mortgage contract, convert Mortgage Companies! Let a reputable lender get you out of that outrageous, unethical, maybe illegal arrangement and into a mortgage ageement that could even save you money with a lower interest rate. Don't wait until the horror described above hits You!

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