DIYbanter - View Single Post - Insurance claim check with my name and bank

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wrote:
Given the size of the claim, the three clustered estimates, and the
enormous amount of claims to be settled in Indiana this year, the
insurance company is not going to get involved any more than it has to.
I believe the check is meant to make you whole. It's up to you to
arrange construction. Your mortgage lender has nothing to do with this
except they have a vested interested in the preservation of your
property's value.

That and that he can't cash the check without the mortgage company
endorsing it, which means they have a say in making sure the money is
released so it's used for the proper purpose.

As for construction, then you would parcel out the money in pieces, or
preferably pay when the thing is done. You do not pay the whole thing
up front ever ever ever for a contractor.

It may be that if you can get the wall built for 7500 you may get to
keep the rest, or you may have to give it back. Morally, you should
give it back. I would wonder why the one estimate is so low, they just
had a Holmes on Homes show where the contractor who built a retaining
wall did ot wrong and used undersized brick, so you get what you pay
for !

I would go with the contractor who is most respected, well-known, etc.,
and verify their work along the way against their proposal.

wrote:
Hi everybody,

About a month and half ago we had ALOT of rain here in Evansville
Indiana and a retaining wall in my back yard succomb to all of the
pressure and collapsed. The wall was about 8 feet tall and 60 feet
wide. We just bought the house in April and we were told that the wall
had been there about 20 years, and it was quite evident (from lack of
pea gravel and drainage) that it was not very stable. I have State
Farm insurance and they have been SUPER cool, they asked for 2
estimates and we gave them three...they were like 9k 10k and
10.5k...well state farm sent a check for 10,500 (after 500 deductible).
So we finally got the check today after sending in the estimates
last week and have since received another estimate for $7,500. The
check is made out to my wife and I AND 5/3 bank and/or assigns
"landspaceplace1, or 2". I was wondering what involvement a mortgage
lender usually has in these matters. Do they set up some kind of
escrow account until the job is finished? Will they have to be the
final say in the quality of the wall? I am going to the bank in the
morning, but I work 3rd shift and figured I might get a few responses
here before I go in to let me know what to expect. Assuming we go with
the 7,500 estimate, will the remaining 3,000 go to the bank or back to
the insurance, or will we get to keep it?

Thanks for any help!

Andy Stocker