A post for anyone with storm damage from Sandy

[Torpedo2]

Originally Posted by Thrak

If its a joint check, which insurance requires over a certain amount, you have no choice but to get an agent of the mortgage company to sign off. This is supposed to prevent the homeowner from taking the money, but never fixing the property, by alerting the mortgage company of major damage.

When we had storm damage I called and found an authorized branch manager locally that could sign. Otherwise, they wanted me to mail it to california!! I told that that was unacceptable because a tree had fallen into our living room and it was exposed to the elements. (IN DECEMBER!)

Which bank gave you the run around? It was horrible dealing with Bank of America.

It was P N C. from what I have heard,, alot of them are doing this. They have a $5k threshold, where it is above that, they are supposed to give you a series of draws, like a construction loan would do. Every mortgage company works differently. Some limits are different, based on who your dealing with.

Based on my personal experience, I would run the check through without there john hancock on it, right through the atm. Once it's tagged from the bank, is a done deal.

I do understand the point you made with there signature is needed. My first phone call was to the lost claim dept. , where I was told that the process was easy and painless. Let me tell you, that was a massive lie! Every phone call made led to more hoops to jump through and a new story/ excuse each time. After going through that for 2 months, I went nuts and emailed every news station locally, as well as the AG, BBB, the attorney general, and the state banking board. Thats when the quote, "misunderstanding" was addressed. I know we have guys here that suffered a loss, and my goal is to have some feedback to fall back on before they go through this them selves.