Posted on: 07th Mar, 2012 08:04 am
we had the hardest time getting our money released, but wells fargo finally released the money. we had a 50% inspection and a check was issued, but now we're out of money almost, how do you get them to release more money, one rep said they would but another rep said they wont right now we're just confused. at this point we have slowed down the restoring process almost all together. the really sad part in its almost tornado season again.
Hi lovebird!
Welcome to forums!
As far as I can understand, you will have to be patient and in constant touch of your lender and ask him to release the funds asap. You cannot force the lender to release funds.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, you will have to be patient and in constant touch of your lender and ask him to release the funds asap. You cannot force the lender to release funds.
Feel free to ask if you've further queries.
Sussane
Hi lovebird,
I agree with what Sussane has said. You need to be in constant touch with Wells Fargo in order to find out when they will disburse the rest of the funds.
I agree with what Sussane has said. You need to be in constant touch with Wells Fargo in order to find out when they will disburse the rest of the funds.
It's no joy for Wells either and cost. They need to protect the mortgage position against mechanics liens and verify the value of the security (your home) is maintained.
Nearly all contractors have enough working capital to carry the restoration through completion and works more smoothly ' one inspection, one set of lien releases, and one disbursement of funds. Perhaps you should have considered the contractor's financial position a bit more carefully in making your select ' correction of future warranty issues, etc. ' but a bit late for that now.
I'd inquire on the number of partial disbursements negotiated and the completion points. They press your contractor to get the work done to those points so Wells can complete the process.
Nearly all contractors have enough working capital to carry the restoration through completion and works more smoothly ' one inspection, one set of lien releases, and one disbursement of funds. Perhaps you should have considered the contractor's financial position a bit more carefully in making your select ' correction of future warranty issues, etc. ' but a bit late for that now.
I'd inquire on the number of partial disbursements negotiated and the completion points. They press your contractor to get the work done to those points so Wells can complete the process.