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About Denise Monaco
Expertise
I can answer questions about home mortgage financing, the difference between a mortgage banker and a mortgage broker, fees involved in purchasing a home and refinancing a home or obtaining a home equity loan and the difference between a 1st & 2nd mortgage and the option to have PMI (Private Mortgage Insurance) Jumbo loans, conforming and non-conforming loans.

Experience
I have been a closer, processor and operations manager and currently a account executive for a national mortgage banking company. I have been in the field for 25 years.

Education/Credentials
Real Estate License & 25 years field experience with many national mortgage banking companies.

Awards and Honors
Top sales person, employee of the month, highest sales award

Past/Present Clients
personal home buyers

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Insurance claim/repairs

Real Estate Home Mortgages - Insurance claim/repairs

Expert: Denise Monaco - 7/8/2009

Question
We recently suffered water damage to our hardwood from a severe storm. The damage is minimal, yet our insurance adjuster said that the whole downstairs would need to be replaced because it is all connected hardwoods. The insurance company sent us a check for $20,000 made payable to us and our lender. A licensed builder has proposed a simple fix to the problem area, which is only 1" by 4'. I've read the horror stories about getting CitiMortgage to endorse and return the insurance check after repairs are made. Naturally, I do not want to replace 3000 sqft of hardwoods for such a small amount of damage. What are my rights as far as getting the check endorsed by Citi? FYI, our LTV is about 30%, so Citi will not be losing any ground by allowing us those funds. THanks for your help:)

Answer
Hi Jennifer

I'm sorry about your water damage. I've never had a problem with a check being endorsed. I would reccomend that you call Citi and tell them you need to have the check endorsed prior to the work being done and it is imperitive that you receive it back ASAP. Have the builder replace what needs to be done once you receive the endorsed check back from Citi.

Good Luck
Denise

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here