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Insurance claim checks held by Chase bank

Criminal Defense 6 views 4 answers
Chase bank told us to send the insurance claim checks that we had received for damage to our property and they would sign them and send us the funds (this was after we had driven 4 hours to Atlanta area each way to be told they could not sign our checks. This has been going on over a year. They have stolen our money & although we have submitted every single document requested MULTIPLE times, they still refuse to release funds. They even have 3 separate claims open in their ignorance when there has never been but 1 single claim from a thunder storm. We desperately need these funds to replace the money we spent on repairs. We are behind on our payments & have been told by another attorney we have a case due to fraud in the modification loan they did, and the initial loan that was done. Help!

Attorney Answers

4
Kristin Alexandra Demers-CrowellInsurance Law LawyerTampa, FL ·
Mortgagees are typically entitled to be listed as loss payees on dwelling payments under homeowners insurance policies both by the policy language itself and by the mortgage contract. Mortgagees typically have something called a "Loss Draft Department" or the like. They will typically require the homeowner to endorse the insurance check and send it to the mortgagee to hold in escrow. You will then be required to submit estimates/bids for the repairs you are planning. The funds are often released to you in 3 draws with inspections by the mortgagee each time to ensure the work is being performed in order to protect the mortgagee's secured interest. The last draw is tricky and some mortgagees will require you to advance the funds before they will reimburse you. If this is how your situation unfolded and the mortgagee is refusing to release the funds to you, then you are unfortunately going to have to hire an attorney to get Chase on the same page. My experience with Chase in homeowners insurance claims has been very unpleasant.
0 upvotes
Eugene Castagliuolo ·
Rather than spend 4 hours each way to Atlanta, HIRE AN ATTORNEY TO ASSIST YOU WITH THIS!!! No one on can solve your issues with Chase and/or the insurance company using this medium, it just isn't designed for that.
0 upvotes
Mark Theodore TischhauserLitigation LawyerTampa, FL ·
You definiately need to hire a lawyer as there is clearly a great deal of confusion here. In the same paragraph you ask questions about dealing with an insurance claim for you property damage and then throw in a suggestion that you have a good case against the bank because of an obviously unrelated modification issue. This type of confusion needs to be addressed before it becomes a bigger mess.
0 upvotes
Jody R. NathanInsurance Law LawyerTulsa, OK ·
Usually, a mortgage holder such as the bank, has a right to be put on a check for damage to a house. Usually, the bank signs the check and then allows the insured the funds to repair the damage.
0 upvotes

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