We’re back in what’s now become our continuing saga in dealing with your mortgage company. And it most certainly is a saga when you’ve finally been paid for your insurance claim and are having to deal with your mortgage company holding the money. This should be the last post in this series, even if it’s not all the information that’s out there.
There’s another possible outcome for your claim that the mortgage company will likely give you the hardest time about, but is actually most in your favor. That outcome is if your claim is paid via a negotiated settlement and a release, whether by your public adjuster or an attorney in a lawsuit.
If your claim is paid through a negotiated settlement, chances are a random number will be put on a piece of paper that says the insurance company admits nothing and payment is only being made as part of a disputed claim to avoid the uncertainty, time, and expense of continuing to pursue it.
Your mortgage company likely isn’t going to understand this concept, despite how often it occurs, and they’re going to still insist you produce the adjuster’s worksheet, even though one doesn’t exist.
You might have an estimate from the insurance company for less than your payment, or an estimate from your adjuster, or a contractor for more than your payment. RESIST THE URGE TO SUBMIT THESE. They are not helpful and are irrelevant to the payment that was issued.
The document that your mortgage company needs is the release, despite the fact it says nothing about what repairs are to be done.
They may tell you this is unacceptable, but it is. I promise. If they refuse to accept it, keep asking for a supervisor until someone understands that there is no loss statement and this is all you have.
I said at the beginning of this post that this is the outcome that is most in your favor, and that’s because you have the most control over what repairs you decide to do, and as long as it passes a visual inspection, you’ve met your obligation to the mortgage.
If you’re in Fort Pierce and have had an air conditioner leak cause damage to your home, or any other damage to your home, contact us or call today to discuss .
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