In theory, the mortgage company wants to protect its asset/interest and ensure that the property owner uses the insurance payment to repair the property to pre-loss condition. Insurance companies generally include the mortgage company, along with the property owners, on claims payments checks because both (property owners and mortgage company) have an interest in the property and its condition. Over the past years, I have represented people and companies with insurance claim disputes across the country, and mortgage companies continuously act the same way – they fail to notify the property owners why the funds are withheld, they fail to provide the property owner with steps to take necessary to release funds, and ultimately the claim payments get stuck in limbo.Ĭlients and potential clients contact our office with these questions nearly every day. They just want answers and to fix their home. Garcia have grown frustrated and tired of dealing with this issue without receiving any information from the mortgage company on what else is needed, or why it continues to refuse to release all or a portion of the claim payment.
Garcia tried everything they could think of to get the mortgage company to release the funds – they cannot begin to make their repairs without them – but the mortgage company refuses to do so. Garcia need to begin repairs to their property, and the condition of the property continues to decline. The mortgage company continues to refuse to release the funds that Mr.
FREEDOM MORTGAGE INSURANCE CLAIM CHECK FULL
The insurance company issued the claim check for the full amount and put their mortgage company as a payee on the check. Garcia did everything they were supposed to – they promptly filed the tornado claim with their insurance company, they took photos of the damages, hired a public adjuster to help them handle their claim, and more.Īfter much delay, the insurance company finally determined it owed Mr. I recently met with a couple whose house was partially blown away in a tornado a year ago.
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