We are in desperate need of help. Our home was damaged by hurricane Rita, but we had TW&H policy in escrow. However, our escrowed TW&H policy was not paid and coverage was cancelled. We were notified of this the day the state placed a freeze on all new accounts, just prior to Rita's landfall. Our home is located in Groves, TX. It was severely damaged, and remains unihabitable.
Homecomings Financial GMAC is the lender and was the one responsible for maintaining the escrowed policy. They were 10 months late in payment, and sent it about 4 days before Rita hit Jefferson County. Regardless, the payment was too late to cover Rita's damages to the house.
After many phone calls & denials, they took repsonsibility and had their own adjuster go the home, on 10/29/05. They were issued a check and released some money for us to get a roof, about a month ago (1). They have since been given more money, as the damages are tallied, exceeding $40,000.00.
We continue to lose money, as it was rental property, and they still refuse to give us any more money for repairs. They have release only $9000.00,1/2 of what was asked for by our contractor for immediate roof repairs, to date. Regardless, the contractor has done 75% of the requested repairs, and has still not yet received more compenstation.
We were told, by Homecomings, all repairs and past house payments are to be made before they release the rest of the money. This is impossible, as we cannot lease out the house without repair or repair the house without money. This money they continue to sit on & collect interest on!
Our policy was cancelled because of them and the fact that they have drug their feet throughout the entire process has piled up debt on our backs... Sd they keep piling it on us! Mold has since spread throught the entire 2100 sq foot home! Prior to the storm it was appraised at over $115,000.00, now it is worthless & they will not give us our money for repairs!
WE do not know what to do... They aren't willing to negotiate and consider what they are doing as a favor. Please help us. Our patience is completely gone and has been abused by these crooks!!
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