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I am currently three months behind on my mortgage (With GMAC) -- waiting to hear from them about a modification... due to a death in the family and lapse in employment that happened at about the same time : ( ... There were storms here a few weeks ago that caused roof damage to my home and my insurance company will cover in approx. 9500 dollars for the repairs necessary and sent me a check.. I need to have it endorsed by my mortgage company now though and I'm "afraid" b/c of all the horror stories I've read about here online .. Does anyone know what happens when this happens? Will I be able to get my roof repaired? I'm just so afraid b/c obviously I don't have enough to cover my mortgage right now let alone that and repair my roof... Thanks for any help you can give me!

raymond · Posted: Sat Nov 14, 2009 8:54 am Post subject:

Your Lender really wants the roof repaired right now, because they may potentially be the owners and they're going to think it'd be better for you to pay for the repairs then them.

Get it endorsed ASAP, before the weather starts getting worse.

Guest

Home, you may want to double check with the TX banking and/or insurance depts to just cover yourself before you send an endorsed insurance check to your mortgage servicer. Unfortunately, I don't know of any good way to protect yourself from the servicer sucking up the funds and not releasing them back to you after their endorsement.

Contrary to Raymond's advice, your note holder/servicer wants the MONEY. They honestly don't care about the asset - especially if your note has been securitized and sold into a trust of some sort. If that has happened, and you ultimately default on the loan, a claim can be put in against any "note insurance" that may be covering the trust and the face value of your note could potentially be recovered.

Not to concern you further, but I have been in contact with a victim in FL whose home was damaged by a hurricane several years ago. When their insurance check came in for the repairs, the servicer refused to release the funds. Mold set in to the property and made it uninhabitable. The victim is now living in a POD storage unit on the property because they have been completely decimated by the entire event - right down to a heart attack and subsequent by-pass surgery and post op recovery in the POD.

Make a few phone calls Monday and see what you can do to CYA. At the VERY least, photocopy the front of the check and back - with your signature - and send it certified return receipt so there can be little question as to whether or when it was received on the other end.

Good luck!

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Repairs but behind on mortgage