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Started By
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mortgage company dealings question for the contractors
Posted on 10/9/08 at 10:38 am
Posted on 10/9/08 at 10:38 am
My mortgage company will distribute my settlement in draws of thirds. The first after the initial contract, the second after 50% of the work and the third after all work is complete. I am going to do the painting and stuff myself after repairs to sheet rock and getting a new roof. Any tips on how to get the rest of the money after contractor work is done?
1
Posted on 10/9/08 at 10:41 am to tiger568
Chase Mortgage?
Posted on 10/9/08 at 10:42 am to Traveler
US Bank
Posted on 10/9/08 at 10:47 am to tiger568
Chase tried that installment shite payment on me after Rita. I contacted the office of financial instituions (btr), congressman and anybody else that would listen. I exposed their 'inspection' process as a complete fraud and it wasn't long they sent the whole payment instead of as they saw fit.
this is better discussed on the $$ board
Thanks admin
This post was edited on 10/9/08 at 10:51 am
Posted on 10/9/08 at 10:51 am to Traveler
One thing I would be aware of: Contractors are being NAILED by the credit crunch.
This puts you, the consumer in a very tight pinch - your contractor is not going to put out alot of his money on your job and wait for 1/3 draws... they can't do it like they used to.
Consumer advocates are still going to tell you not to pay in advance for work that is not yet done.
This sets up a mexican standoff. MAKE SURE you find a contractor you can put your hands on if need be - ie, he's local, has family and kids in the area in schools, maybe has an office, or a family that has other business in the area.
It's more important now than ever.
ETA: this guy is not going to be the cheap contractor either. It costs money to own a home, educate your kids and have an office.
This puts you, the consumer in a very tight pinch - your contractor is not going to put out alot of his money on your job and wait for 1/3 draws... they can't do it like they used to.
Consumer advocates are still going to tell you not to pay in advance for work that is not yet done.
This sets up a mexican standoff. MAKE SURE you find a contractor you can put your hands on if need be - ie, he's local, has family and kids in the area in schools, maybe has an office, or a family that has other business in the area.
It's more important now than ever.
ETA: this guy is not going to be the cheap contractor either. It costs money to own a home, educate your kids and have an office.
This post was edited on 10/9/08 at 10:53 am
Posted on 10/9/08 at 10:57 am to Meauxjeaux
quote:
your contractor is not going to put out alot of his money on your job and wait for 1/3 draws... they can't do it like they used to.
Exactly, which was the pinch I was in. I was going to have to stop work until Chase inspected, then doled out the next check. My contractor had other jobs pending and wasn't going to wait. I had already fronted $20K out of my pocket.
Posted on 10/9/08 at 11:06 am to Traveler
We did a job for a guy that had Chase back in 06 after Katrina. He ran into the same thing - after about 3 months, he threatened to sue them and they gave him the whole check.
He turned around and wrote it over to me - like $60k all at once. I was like, "dude! you can't do this!".
He said, "frick it, I'm tired of dealing with all this mess, just finish the house", which we did.
I don't know what the atty did with Chase, but base on the other post in this thread, Chase must have button to push that get's you out of their goofy inspections.
He turned around and wrote it over to me - like $60k all at once. I was like, "dude! you can't do this!".
He said, "frick it, I'm tired of dealing with all this mess, just finish the house", which we did.
I don't know what the atty did with Chase, but base on the other post in this thread, Chase must have button to push that get's you out of their goofy inspections.
Posted on 10/9/08 at 11:11 am to Meauxjeaux
They set up an appointment to come inspect the work already done. I took an afternoon off and waited. At 5:30 I called their office and asked where they were and they told me the 'inspection' had already been done.
I asked how in the world could they inspect the repairs to my attic and shop without knocking on my door and they told me they just took a picture from the street and that was good enough.
The fire got a lot hotter after that remark...
Posted on 10/9/08 at 12:43 pm to tiger568
quote:
US Bank
I have them to..
I didn't have huge amounts of damage, but it was just enough to have to put my lien holder on the check.
I'm supposed to be getting my new roof tomorrow, so hopefully this won't be a huge pain.
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