Q: If you can repair your home yourself, will the mortgage company still pay 100% of the settlement from the insurance check to the homeowner? If your mortgage is in forbearance, can the mortgage company keep the money that was not use to repair your home?
A: Karen, before I answer your question you should know that I am a licensed public adjuster in Florida, and I am not licensed in Louisiana. I can only give you suggestions based on the claims process here in Florida. Based on our experience here at Maximum Insurance Adjusters, mortgage companies seem to prefer licensed and insured contractor to perform repairs. Mortgage companies usually require: a licensed and insured roofer or contractor, a signed contract with that roofer or contractor, and a W-9 form from the roofer or contractor. When choosing a contractor or roofer it is extremely important to use one that is licensed and insured. Countless clients have told us horror stories about unlicensed uninsured contractors and roofers, and unfortunately there is little to do about it. Additionally, it would probably be beneficial to you to contact a Public Adjuster. A Public Adjuster would be able to sort out these issues more thoroughly, as Public Adjusters are experts at policy interpretation and coverages, pricing, and evaluating damages. The National Association of Public Insurance Adjusters (NAPIA) has a website that can help you find a Public Adjuster in your area. The specific details of the financial arrangement you have with your mortgage company allowing you to be in forbearance and the terms of that forbearance are specific to you and your mortgage company. This is something you will have to discuss with them.