COUNTRYWIDE HELP 90+ DAYS LATE + insurance claim payment?????

[moty1]

HELLO ALL..

i need your edvice..

i am of Pay Option ARM from countrywide..
i am right now 90+ days late payment..we have contact hope and naca..we are waiting to her from naca this month..soo they can send our paper work to cw..

we have also contact cw they told us to wait our paper work in process ...
soo i have naca geting ready and cw i am also waiting for them now 2 month...

my quastion is:

i have recived a setelment check from my insurance for water damege in my house.. my problem is i need to send this check of $20.000 to cw for them to undorsment the check to me soo we can and fix the damege in my house..

now my quastion is : will countrywide will take this money do to i did not pay for 90+ days ?

i want also to say i paid my insurance in full last year,my insurance its not part of my mortgage payment..

but still the insurance add countrywide to the back of the check...

if i send the check to countrywide to coo sign the back of the check, will they send me the check back to fix my house ? or are they will keep it ? do to i am late 90+ days..


thank you for any help

[tandm]

Moty1

First - Is your check for $20 dollars (check your decimal point) or is it for $20,000?

Second - are you a co-signer on this check with Countrywide or is the check made out to countrywide only?

Have you asked the insurance company why they put countrywide as a payee on the check and have you asked if that can that be changed? You may want to call them and request that the check be made out to you only. And if you are a co-signer on the check, countrywide cannot cash the check until you sign it as well.

[moty1]

on the back of this check its say me and countrywide home loans ..we bouth need to sign this $20.000 check that its for insurance repair claim...

now i am late 90+ days on my mortgage but i am in process with naca and countrywide to work on new loan..

soo my quastion is:

1- if i send the check to co sign countrywide can they take this check from me do to i am late on my payments? and i will never see this money for repair my home?

2-can i call my insurance to ask them to send the check only on my name , do to i am the one that pay direct my home owners insurance and not countrywide.. my home owner insurance not included in my mortgage payment..

thank you

[ocalalady]

I would call the insurance company and ask them for some assistance. I would worry about sending this check to Countrywide if you owe them any money. We now know how crooked they can be!

You could also ask your bank to see what they may suggest. ...and I wonder if a local Countrywide branch could sign it if needed? Best of luck to you.

[moty1]

thank you for your help..and yes i do owen money to countrywide..i have this pay-option loan.. i am hope in process with naca and countrywide...we are in wait to see what they can do for us..

but even if i am the one that pay my home owner insurance every year, nothing do to with countrywide, why my insurance is on that check..and again my mortgage payment not including insurance..

thanks

[moty1]

what i am asking is why my insurance will put countrywide to co sign with me?
if my mortgage payment not included the insurance , i am the only one that pay the insurance and not countrywide..

if i will send this check to countrywide they will take this money do to i am late in payment on my mortgage

[tandm]

The insurance company has probably put both of you on the check since countrywide is also the owner of the home along with you. But it's worth asking the insurance company if they can reissue another check with just your name.

Remember, countrywide can't cash the check without your signature too. Just as you can't cash it without their signature. If you've already signed it, cross it out before you send it countrywide. I agree with the other person on this thread - see if you can take it to a local countrywide branch first.

[ocalalady]

We have a payoption arm too...they are terrible!

Your insurance company may have Countrywide on the check because it is to take care of a house that Countrywide holds the mortgage. They want to make sure the money goes to fix the home, I believe, therefore protecting 'their investment'.

See what your bank says...it there's any way around it....or try the insurance company. Maybe ask someone at naca?

[moty1]

thank you all i will go to countrywide branch to find out..thanks alot your are the best site for info

[ocalalady]

Let us know how you make out! Good Luck!

[mshanie]

I had the exact same thing happen to me, is the check for 20 dollars or 20,000 dollars first of all,what you need to do is what i did, go to a local or close countrywide home loans rep or store, they will have a local rep sign the check and also they will ask for your account info and a photocopy of your id. Then you endorse the check, take it to your bank and most likely the bank will put a 10 business day hold on the check before you can get your hands on it, my check was for 8,000 dollars because of wind damage, hope that helps!!

[moty1]

the check its for $20,000.... but my quastion is i am late on my payment for over 90 days..is i go to countrywide with this check will they take this check from me do to i owne them money..or will they will sign it and give me the money to fix my house

[tandm]

Don't let them take the check from you - just ask if they can sign it at the bank like mshanie suggested. Do you have a countrywide bank somewhere near where you live?

[moty1]

i am in miami i thing we have one countrywide branch..toda raba thank you

[mshanie]

I am sure that you sent your estimates/billing statements to your insurance company for the contractors repair work, if so then when you take your check to get it endorsed by countrywide, if they give you any grief and will not endorse it, then take the check back, call your insurance agent and let them and countrywide determine the way to pay the contractors to do the repairs or have the contractors bill your ins agent directly using your claim number, i honestly don't think that they will give you any lip, i say this because i was 9 months behind when i took my 8,000 check to them, of course i was a little nervous about how it would be handled as well for i had already paid part of that money to the contractors out of my pocket, money i didn't really have at all and was already in deep, my bank just put a 10 business day hold on the check and then i withdrew it after that. Don't sweat the small stuff just don't endorse the check until they do, that will give you the option of dealing with your agent again if you need to.

[dthom]

Definitely do not endorse the check until they do. I work for an insurance agent, had a customer endorse a claim settlement check before she sent it to her lender for endorsement. She wasn't behind, but they kept the check anyway and cashed it! According to our claims dept, you never endorse the checks that are made out to you and mortgage company. They endorse first. Also, when you have a mortgage, whether you pay the insurance or not, the check must be made out to you and the mortgage company. It is required because the mortgage company has a lien ( secured interest) on your home, and by having them on the check, they are made aware that there has been a claim made on the policy. I am not sure, but I believe that is also part of most mortgage agreements.

[FLgata]

This is great information as it also pertains to me. I was one of the lucky 40,000 people who had their policy cancelled after Hurricane Wilma (insurance company went bankrupt). She caused quite a bit of damage to my roof. I hired a personal adjuster and an attorney because I could tell I was going to get the run around. Here we are years later, and my claim should come through within the next month or so. I am so glad this thread was started.

[gray517]

I feel your pain flgata ( we are neighbors) I have had state farm on any house I owned for the last 25 years, always paid my premiums, never a claim and now they are going to stop writing home insurance and canceling any exisiting policies in the state of florida, all because the state refused to let them raise rates by 47%, I wish i had back even 1/2 of the money i paid them, i could use it to pay down my upside loan balance.

[moty1]

thank you all for the help in this..

i have a good news...i go to countrywide branch, they sign the check with in second, no problems and no quastion.
now i need to go the the bank that my insurance have the money ther , they need to sign also to verfy that this check its ok, then i will take it to my bank so i can fix my house ..thank you again for all your help her in this great site !!!!!!!!!!

[ocalalady]

So glad to hear your news! It's so nice to finally hear something good! :-)

[moty1]

thank you ocalalady

[tandm]

That's wonderful moty1!

[MNKimmie]

My husband and I had a fire in our property.. about the same situation as you, except our check for repair went directly to Countrywide. It has taken us many months to get the money, but we were told this week that a check was mailed yesterday. We got our state AG involved in the case, as we paid for the insurance and it was rightfully our money to repair our house.

[moty1]

for me its bieng 9 + month and still did not get any thing from countrywide...we fax and send then hardship info included all doc need, and nothing yet...we have bein calling every week , and they say whit another 2 weeks we will send you some thing in the mail, or we are working on it..can it be 9+ month and nothing yet.. does any budy her have the same quastion thanks

[rozuki]

"Two weeks" is CW/BofA's standard response to almost everything....that "two weeks" will eventually stretch into months...sorry to say!