With the recent hurricane activity damaging so many properties, those people who suffered damage are grateful for their insurance coverage. But what often happens is that their mortgage company gets involved, and the hurricane is the least of their problems.
A client whose home got damaged in a hurricane thought it would be nothing more than an inconvenience to get the property repaired. However, the mortgage company's involvement created significant delays and complications that made the hurricane damage seem minor by comparison.
When a property with a mortgage suffers damage, the mortgage company often requires oversight of the repair process. This can include:
- Requiring multiple estimates before approving repairs
- Insisting on their preferred contractors
- Withholding insurance proceeds until certain conditions are met
- Adding additional requirements that delay the repair process
These requirements can significantly delay the repair process, leaving homeowners in limbo while their property remains damaged. The mortgage company's involvement is ostensibly to protect their collateral, but it often creates more problems than it solves.
For homeowners facing this situation, it's important to understand your rights and the mortgage company's obligations. An experienced attorney can help navigate the complex process and ensure your interests are protected throughout the repair process.