Yesterday we received our insurance settlement letter and check for our house, which got a lot of water damage from Hurricane Ida. According to the letter, the cost to repair exceeds our max, so they sent us two checks: one for the house and another for our shed (covered as an “other structure”), each for the total insured values. The house check has both our names (husband and me) as well as the mortgage company, worded as “Husband AND Wife AND Mortgage Company” but obviously with our actual names. The letter says to contact our mortgage company to receive further instructions from them, which I plan to do tomorrow.
We are still waiting for the contents claim to come through. That will be a separate check.
My question is, will the mortgage company be taking the amount left we have on our loan and leaving us with the rest? We owe around $34,000 on the house, which would leave us with a large chunk of money to repair the house. The house is not a total demolition loss; it does need a new roof and it needs to be gutted and re-done inside, but the outside structure is untouched.
Submitted September 26, 2021 at 09:29AM by TwoSweetPeas https://ift.tt/3o44Jn4
