Another conundrum
I've griped before about my mortgage company holding my insurance settlement hostage without paying me interest. As it's worked out, I'm not making payments and my account is frozen so I'm not being charged interest, so I've come to terms with their holding the insurance money. The problem now is getting that money back so that I can actually use it.
So far I've received about 10% of the settlement. In order to give me any more, they want to send an inspector out to see that I've used that 10% wisely. That 10% isn't even enough to make the first payment on the foundation work that must be done before anything else can be repaired. The contractors want their money first, but the insurance-settlement-hostage-holding guy wants to see the work done first. I'd really like to knock their heads together a la "The Three Stooges."
Actually I'm so afraid my contractor will disappear that I have to treat him with kid gloves. They SO don't need my job, it's as if they're doing me a personal favor by taking my money. Provided I can pry the money to give them out of the mortgage guy, that is.
A local hair salon has an ad with a cartoon woman saying "With my new highlights, my contractor is bound to show up!" Hope springs eternal.
posted by Nola @ 9:30 AM
1 comments
1 Comments:
This is the pre-existing mortgage we had before the flood. Since our insurance settlement was not enough to pay off the loan, it is in their interest for me to get back into the house so I'm less likely to just send them the keys and say "so long, and good luck."
To get a new mortgage it gets a lot trickier. Nobody is requiring homeowners to raise their houses yet, although there are required elevations to get building permits. Flood insurance will get more expensive if you're not above the base elevation. Nobody is writing new homeowner's policies at all right now, except for the phenomenally expensive and notoriously worthless state insurance program.
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