Bank wants to hold my claim check

[rodgersbestgen]

Hi guys. Thanks for the help i know you will provide.
I had lots of damages to my home due to hurricane 2 years ago ( Florida). The insurance company (lender placed insurance) decided the damages were not from the hurricane even though it was crystal clear.
Got a private adjuster who sucked and take forever to do anything. Ex: he would ask me to send him pictures to send to the insurance that was sent to him 2 months ago. He would advise me not to do things that he will later say why didn't u do x y and z and I'm like cause u told me not to... (long story)
Now the insurance company cut me a check for 65k to fix everything. A lot of the work has already been completed by me. Ex: they paid 5k for my fence, i have a friend that works with a fence company that came and fixed it with me. The screen patio was messed up, i already fixed it. That's another 2.5k. I did a lot of the work. The check was issued under my name and the mortgage company name. They had to endorse and return it to me. They just hold it and put it in a separate account. What they are saying now is I HAVE TO complete the repairs with contractors and send them the contractors bill and THEY will pay the contractors. They made it clear they won't give me any money. I told them that the homeowner insurance even told me i can complete the work myself if i wanted, they were like nope. We won't pay you for any work because we are not sure u did it right. According to them, I HAVE TO hire contractors for everything. Now, if i don't hire a contractor for the fence for except example, the money they receive for the fence will not be given to me. They refused to say whether they will keep it or send it back to insurance but made it clear, I won't get any of it.
Entren worst, they say i have to pay the adjuster out of my pocket. I signed that he gets 10% of the claim, they say that's fraud, i can sue to get the insurance to pay them but the money they receive is for repair and repair only.
Is that the way this works? My adjuster is just mad that i send them the check to endorse. What he wanted me to do is endorse it and send it back to him and i have ZERO trust in him.
How do i get out of this?

 

[philm]

@rodgersbestgen I haven't had much luck on this sub on dealing with the mortgage bank as that's separate from the carrier/adjusting side.

You will want to read the paperwork you signed for your mortgage, and the paperwork they should've sent when you notified the bank of your claim. Try asking for an inspection. Ultimately the bank just wants their collateral (your home) repaired.

If they won't inspect, won't release funds, and won't apply funds towards the loan, try talking to a lawyer. Your adjuster (public or otherwise) won't be much of a help, this is between you and the bank.

Edit: I'll volunteer that you shouldn't be profiting off of a claim, anyway. The way this should've worked is that you spent that money towards a professional doing the work. You've sort of dug a hole for yourself multiple times in this process.

 

[bioleap]

@rodgersbestgen And you want to know why property insurance is so high in Florida?

Thank you for single-handedly contributing to the problem!

Though I enjoy that this post as a tale of karma.

None of us are going to give you advice on your Public Adjuster - they have the word “adjuster” in their title but they’re just scammers. But since you wanted to make that bed, enjoy sleeping in it. You owe them pursuant to the contract YOU signed with them. And trust me, they will file a mechanics lien and sue you.

As for the rest of it, sounds like your lender doesn’t want the property half-assed in $5k of homeowner repairs when you were paid $65k for professional ones. Gee, what jerks.

 

[rodgersbestgen]

@bioleap Hahahaha u completely missed the part where the adjuster fin the insurance company said the damages are not from the storm. That's how i got an adjuster involved. They had the chance to repair my roof and the rest of the house however they see fit, they said no sir, not from the storm. Now they agree its from the storm and willing to pay so much more than i expected. Joke on them and u really.

 

[bioleap]

@rodgersbestgen I feel like I’m definitely laughing but find it hard to believe you will be on your next renewal and when you’re forced to actually do the repairs… But if you can laugh at yourself, that’s a great trait!