Ugh. Apparently, the bank is going to hold our insurance money in escrow until we get the repairs done, releasing it one third at a time-- before we begin work, at 50% completion, and finally at 90% completion.
I mean, I get it-- they own more of the house than we do, and if we were scandalous thieves who took the money and let the bank foreclose, they couldn't recoup their investment. And they also claim the inspection done at each of these milestones helps protect the homeowner from ending up with shoddy work. I get it. I do. Everyone has been really nice in this whole debacle, too-- granted, it's not over yet and there's definitely time left for us to get bent over. However, everyone we've dealt with has been at the very least nice.
But it really, really sucks that we have to dip into credit to get it done (if it gets bad, I'll call and bitch and try to get more released). And it doubly sucks for someone like me, who has her own vast array of anxiety issues, that I am now left to obsess over. Like, what they mean by 50% and what happens if they don't like that we plan on replacing the garage door altogether rather than just reface it-- even though the insurance company is fine with this? And is there some way they can screw me? How long will this all take? Will they direct deposit it? Will I have to make requests for it like a trust? Or will I get a separate "credit" card for it-- one more thing to clog up my wallet and have to keep track of? When will I get the paperwork they claim they're sending...?
See why this is a problem?
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Wow, that sucks. As if this wasn't stressful enough for you already.
Really sorry to hear about this. I hate being on the receiving end of difficult situation with banks or insurance companies. Fortunately, we've been well taken care of most times things have gone wrong -- BUT, we've never had something go SERIOUSLY wrong. My sis-in-law has had big problems working with the insurance company to get her house repaired after her neighbor's roommate committed arson on the duplex. The insurance company started by nickel and diming all the repairs. Of course, this kind of thing happens at the worse time - cause you're already stressed about whatever's wrong.
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