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 briggsel1
Joined: 03 Jul 2011
Posts: 1
1.00 Dollars($)
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Posted: Sun Jul 03, 2011 12:04 pm Post subject: Loss draft
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How will I get the balance under this senerio:
The assessed value of our property was $141,600.00 prior to the storm damage which occurred 4/19/2010. The State Farm adjuster estimated that our out building (garage with unfinished 400 square feet office above) was a total loss. We find ourselves under insured for this portion of the claim $25,000 (Dwelling extension noted in policy number 42-06-1287-1).
We do not have sufficient insurance coverage to remove the oak tree, replace the damaged fence, and rebuild the 1300 square foot structure. We will be reduced removing the tree, replacing the fence to demolition and disposal of the garage.
We realize that Wells Fargo, the mortgage lender, is first loss payee and under normal circumstances would be paid to the extent of the principal balance ($85707.70) of our mortgage loans, with the remainder of the money to us the homeowners.
We are requesting that Wells Fargo waive the partial and/or progress payments. We are requesting the release of the entire $38408.87 disbursed by State Farm Insurance Company.
We already have estimates for the roof replacement, fence repair, and tree removal. We requested that all funds be released for this insured loss and allow the full amount to us to make repairs in lieu of Wells Fargo disbursing funds as repairs are made (roof and siding). I will be acting as my own contractor.
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jameshogg
Joined: 20 Dec 2005
Posts: 10448
Location: Nevada
985.77 Dollars($)
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Betsy
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smithsussane
Joined: 18 Sep 2008
Posts: 10408
Location: Alaska
981.02 Dollars($)
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