I reeceived a settlement check from my insurance company today, as some of you might know the rafters in my garage are splitting. 2×6 rafter is now a pair of 2×3’s. This has caused the ridge to sag and walls to bow. Not all that safe, so the roof needs to be torn off and replaced.
My insurance company told me that they wouldn’t accept my bid as a HO, so I got a contractor to bid the job. They didn’t like the price and sent out their “prefered” contractor. I have seen the guys work and am not impressed, not even a little. He bid the job and came in 4k cheaper, not including overhead and profit in his bid was the difference between the two. No wonder why he is “prefered”.
Anyway, they cut the check for his bid minus the deductible. The check has my wifes name, my name and the mortgage companies name on it. I know that I have to use a draw system now for the job. But can I do it myself? I think I can, I just have to submit bills for the work to the bank and get the draws. They’ll come and inspect and issue the draw. If I understand correctly.
Nows where I am in the dark a little, if I do it myself I can afford to rafter it and make the attic into a large room, maybe 12′ wide by 30′ long. 12′ wide after the 3-4′ knee walls on each side. This would become the woodshop, lower floor would become carpentry tool storage.
Can I put the room up there and the bank be okay with it? I don’t want them to think I ripped the insurance company off and am going to make a ton of money off it. I’ll ask the mortgage chief on Monday, but I was curious what happens in this case. I usually sub work from GC’s and this is kind of a gray area to me.
Woods favorite carpenter
Replies
Hi Matt,
Just a little background, before I answer. Working on behalf of the insurance companies as an independant after the 2005 hurricane season I submitted over $40 million worth of repair estimates to the carriers I worked for and have only had three that were disputed due to, IMO owners who thought their buildings were worth more or the damage was greater than it was. I focused my estimates on scope and not dollars as this cannot be argued if properly documented.
The insurance companies and/or their contractors (good ones) attempt to make sure that the scope of work is properly addressed in their estimates and the estimate is priced based on replacement in kind. Simply put, what you had is what they are paying for you to have again.
Having said that, once you have accepted their settlement and scope you will have little room to request more money from the insurer unless something major was omitted in the estimate. The insurance company is more interested in offering and having you accept a settlement than what you actually do with the money. Similiarly, the mortgage company is only interested in sound, insurable structures and not what they did or will look like.
I'm not sure I answered your question but hope it helps.
Edited 1/26/2008 9:04 pm ET by nwilhelm
The bids were both based on prices given from a means book. So they were almost identical in every way but overhead and profit.
I am not going to ask my insurer for any more money, what they have given me for a settlement is more than enough to do what I'd like. Add a room over the garage.
Would any of the parties have any issues with this? I will do all the work, i am liscensed and insured and in good standing with the state (no complaints against my liscense).
All work will be done above code.
I can't imagine they would have any problems with it, the insurance company issued the check and agreed to an amount. The bank will only see the value of the property rise. It's a win-win situation in my mind.
But I haven't dealt with this before, I don't want it to be fraudulent in any way. If they want it put back close to original I will, but I can do better for the same money. Woods favorite carpenter
Hi Matt,I just now saw your reply and you have basically answered your own question. In your mind the insurance company has offered you a settlement that is fair and equitable. More importantly it is enough money to restore your garage to a similiar condition prior to the damage.My concern at this point is the draw system that you must establish with your bank. As you may be aware you will be required to submit a draw on a predetermined schedule to complete the work. You will most likely be required to provide receipts for materials and perhaps even time cards??? Make sure you keep good records and track your draws against the total amount. In so doing you will be assured of being able to complete the addition and won't get to an almost done point and discover you have used up all the money. If you are very good you might even have enough left at the end for a six pack:)Best Regards
I don't think the bank will want time cards or recepts, at least I have never heard a draw system going on like that.
I should have alot of money left over, 4k in materials, figuring on about $6,000 when everything is bought.
I am calling in the family for help, my uncle mikey said he'll help(he owes me one, I roofed his house last year for free), so did my brother so labor will be very affordable.
Woods favorite carpenter
Matt, what is the scope of the work paid for, and what are you going to do in addition to the minimal work required to get it back to original?
What's the plan, man?
Joe H
The scope is remove the roof, rafters and all. Wiring in the ceiling joists will also be removed, garage door tracks will also be removed.
Walls will be straightened, new rafters, roofing, wiring, soffitt, fascia, gutters, etc... This is what they paid for, a new 4/12 pitch roof on the garage.
BUT THIS IS MY PLAN IF POSSIBLE
I can put a 12'x30' room in the attic for $4,000, the insurance check is for $10,200. The $4,000 includes everything but siding, wiring.
I plan on a 12/12 pitch roof on a 22' 1" span. 2x10's for rafters and 2x12's for ceiling/floor joists.
I'll strip the roof and put the new floor deck on, with the subfloor. Then add a 2x6 plate on top of the subfloor and put my rafters in 16" OC.
Owens Corning shingles will be installed and aluminum fascia and hidden vent soffitt will also be a part of the finish.
Woods favorite carpenter
matt i sense you feel like your screwing the insurance company,because when it's done you better off than before. but don't forget your doing the labor so if you did the exact thing they bid to do and had money left,thats your paycheck,your just choosing to spend some of your paycheck and get something you want. i have had alot of experence with ins. cos on auto's as i was a bodyman for almost 30 years.the only thing they would bitch about is if you came back to them wanting more money,then they care.
as far as your mortgage co. goes they all handle it differently,some will just sign the check and hand it back,some will give you a % then when the work is done will send some idiot out to inspect to make sure you didn't drink up the first check,but as long as they feel if the next day they repo your house they have a viable pc. of property with a garage with a roof they could care less.
when your up their busting you but you won't feel like your taking advantage of anyone. larryif a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
It's not a feeling of screwing someone.
The insurance company fought me right off the starting line, stating the bids were more than the garage was worth.
And if I put a second story on it they would think I had the bids inflated to do this.
I just want it to be all above the board, I worked too hard to get my liscense and what I have. I don't want to jeopardize that for a room in the garage, know what I mean?
Woods favorite carpenter
Matt, I have never had an insurance company complain about more work being done. they paid what they saw as the fair amount for the required replacement value. Think about a car, you need not repair a car to accept the money , they are just paying for damages.
They can't get your Goat if you don't tell them where it is hidden.
i see your point, and I agree.
They paid what they say fit for the damages, as long as I do the repairs they don't care if it's the same roof or the one I want. Woods favorite carpenter
Matt, I think you're good to go, nobody will care that you have improved the property except the tax man.
And he'll be as happy as you are.
Joe H
I know the tax man will be happy, at least this time he'll have a reason to raise my taxes. ;)Woods favorite carpenter
There should be no problem from the insurance company or the bank. What you are doing is perfectly legit and ethical. I have been involved in this kind of scenario many times, and there have been no problems with it.
Every fire job I have ever done included improvements over the original, and no one has problems with it. I don't know if the insurance company held back a depreciation amount, but if they did, you won't get that back until the work is complete, and there is a time limit (usually one to two years) for the work to be completed to get the depreciation back.
John Svenson, builder, remodeler, NE Ohio
I just don't want it to be illegal in any way. I am fine with puttint the garage back the way it was if that is the only allowed option.
But I can do it much better for the money. I can't see why either the bank or the insurance company would take issue with it.
But like I said I am the guy on site and my salesman does all this stuff. He's gone for a few days and I didn't want to bother him on his little vacation.
The insurance company issued the full amount for the cheapest bid minus the deductible. So they have pretty much washed their hands of the problem. They did state in a letter that they will pay me to brace the garage until the repairs are done. So I have to bill them for that.
Woods favorite carpenter
It is LEGAL.It is ETHICAL.It is allowed by the insurance companies.It is allowed by the mortgage companies.I have been involved in many projects such as yours, and as long as you follow zoning codes and building regulations (as you need to do in any project) there is no problem.End of story. If you feel you must talk to an attorney, as some have suggested, go ahead, but you are wasting your money if you do.John Svenson, builder, remodeler, NE Ohio
I don't think I need to talk to an attorney, I'd like to ask the bank what they'd approve of.
If I am allowed to do the work, then their interest in the property is actually better. Probably worth more than without the room in the attic. At least I hope so.
So long as the building is safe again, no matter who does it I think they would sign over the money no questions asked.
Banks are getting funny here, they will send out an appraiser, he'll take pictures and write a report of what is done. Then a week later I might see the draw I asked for.
Woods favorite carpenter
If you have not already consulted with an attorney, please do so before you cash the check.
Contrary to popular opinion, insurance plays by fairly well established rules; still, some companies are less enthusiastic about paying claims than others. Your attorney will know, right off, if your carrier is known for playing games, or being straightforward.
Likewise, once the job begins, your attorney will be of assistance in ensuring that the work is performed as specified. It's quite possible that the 'preferred' contractor is planning to cut some corners; his profit has to come from somewhere!
I am not going to use the prefered contractor, I am going to do the job myself.
The check was issued to me, my wife and the mortgage company. I'll talk with the insurance company and the bank and see what each has to say before I go in guns blazing.
I can't cash the check I have to deposit it at the bank that holds my mortgage, then draw it out as the work progresses. Woods favorite carpenter
With a check of that amount and being a garage and not the house there is a good probability that the mortgage company will just sign off on the check..
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A-holes. Hey every group has to have one. And I have been elected to be the one. I should make that my tagline.
My wife talked with the bank and they told her that we needed to deposit the check with them and it can be drawn out as the work is approved.
With forclosures being high here in MI I can understand how they would be wanting it done this way. They don't want me to run with the money and have to pay for the same repair later on.
Woods favorite carpenter
Matt, you are good to go, I am in Michigan also, and have seen similiar situations. no need to even discuss it with the insurance company (unless you dispute the amount)
I've done what you are thinking of.
Go for it.Remodeling Contractor just on the other side of the Glass City
You're assuming that the person who will be inspecting the work to get your "draws" will even know the difference from what you had, to what you're putting back.
IMO, you're giving them too much credit. I doubt they'll even know you're doing different.
Knowing what I do about you, won't you simply DO the work using your regular suppliers anyway, making the 10k check more or less a reimbursement?
I can't see you stopping the job for a couple of days waiting to get a draw inspection.
Good luck with the project.The best reward for a job well done is the opportunity to do another.
I probably am giving them to much credit, but I'd hate to be wrong about it.
The project will go on hard at first, I need to get it covered back up in a hurry. I have too many tools in there to take my time. In the meantime I need to decide what I am going to do with the siding.
My garage has single 8 vinyl on it and I'm not sure what I want to do with the gables that will now be bigger.
I may try to use up alot of the extra FC I have sitting on saw horses in the driveway, freeze board in between more than likely.
Woods favorite carpenter
Of course you'll bust azz to get it in the dry. That's my point. You'll probably be under paper b/4 anyone ever makes an appearance on the job.
You may be surprised at the availability of s/8 siding at your distributor; I could still get it 10 years ago--don't know about now. Consider vinyl shakes of scallops on the gables? Don't know the style of your home--sounds ranch(y). I like contrast, but I'm usually the oddball- no sense of design style.The best reward for a job well done is the opportunity to do another.
I was thinking about the contrasting siding, but then I am looking at maybe 5-6 square of free FC in my driveway. I need to use that up.
But its a goofy brown color and what I have is white single 8 vinyl. With colonial slate shingles going on the roof. The colors are way off. Woods favorite carpenter
C'mon man, you've already stated in other threads that you'll likely die in your current home. Do you want that death to come from a ladder fall bcause you were painting your FC at age 75?
Vinyl is final.
I know you'd like to use up that surplus FC. Hold on to it a few more years and then you can donate it to HFH.
edit: read the second line of your last post. This ain't about $$$, it's about getting what you want/need for the long haul.
The best reward for a job well done is the opportunity to do another.
Edited 1/27/2008 8:37 am ET by davidhawks
Thats a good idea, donate the FC siding, I might just do that.
I need to price the single 8 vinyl, I'd like to carry that all the way up for it to match all the way around.
The house has single 8 aluminum and I want to change that in the future. So I have some thinking to, I'd like the garage to match the house. Woods favorite carpenter
the bank has no idea what you're starting with and they wont be onsite until the new roof is framed up. why would they even care if its bigger and better? what are they going to compare it to?
youy could also go borrow 10 grand and hammer out the job, then call the bank.
I am sure the bank knows what the garage looks like, they appraised the property when we asked for the loan.
I am on the fence with this still, until I talk with the bank. Then I can find out if they will allow me to do the work for the full amount of the settlement check.
The insurance shorted me 4k from the contractor that I would trust to do it. So I'll do it instead. Woods favorite carpenter
I doubt anyone at the bank knows what your house or garage looks like or cares.
That's the last think I'd worry about.
Go for it, you'll be done before they even show up, if they show at all.
Joe H
The only interest in the bank is to protect their interest in the equity in the property.Now buildings are often not building back exactly the way tht they where. Two completely reasonable reasons that the bank can't argue with is that the same materials are no longer available or that the codes require different construction.BTW, for lurkers insurance only pays for the repairing what was damaged and not upgrades to meet new code requires. For example you had a kitchen fire that required new circuit to be run and the only kitchen only had 1 circuit and that when the load calculates where done for the new kithen and the rest of the house it was also clear tht the service entrance needed to be upgraed from 80 amps to 150. Insurance would pay for the cost of replacing the orginal circuit, but not the 4-6 that a modern house might need or the service upgrade.There is relatively inexpensive riders that do cover upgrades need to meet current codes.So all that the bank requires is that when it is done that it have the same or higher value that want it had before.The second issue is that you are qualified to do the work.This should be the same as anyone getting a construction loan. They want to know tht the finished product is worth what they are loaning on it and that it will get done.There is the 0.35% possibilty that the loan department is managed by a 105 YO and that in 1948 the lost money on a construction loan to a HO building his house and that they have not allowed any constrcution by HO's since, without regard for the HO business, skills, or experience..
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A-holes. Hey every group has to have one. And I have been elected to be the one. I should make that my tagline.
I really don't want to rebuild it like it was, its a terrible design that is doomed to the fate it is experiencing now. Low pitch, shed roof off one side of the gable. The roof would just become another nightmare later down the road.
I did know that the basic HO insurance only pays for what is in need of repair, if the walls don't have insulation in them when the drywall comes off, they aren't going to pay for it to be put in. That cost it for the HO to decide on.
Woods favorite carpenter
first, you do not have to accept that check. you have rights. in my state I can hire an independent adjuster. he will work for me not the ins. co. also in my state it is not up to the insurer who gets the project.
second, go back to the contractor of choice and say "look, this is what they gave me. can you do the job for that
third, the bank had the property appraised only to see if they could recoup their loss if you default. the roof could have been shingled with pot holders, the appraiser is paid and long gone. even if someone at the bank remembers what your roofline looked like, I'm sure they only care that you maintain one
and if all else fails, its easier to beg for forgiveness then to ask for permission
I like the independant adjuster idea, I may look into that. Can you expalin what happens after they document the damage?
Woods favorite carpenter
Matt, forget the independent appraiser unless you want to go back and argue with the insurance company.
They cut a check that will allow you to build your attic room. You may not get rich on the wages, but you will come out ahead.
If you want to start over with the ins co you may be 3 months down the road and finding out they have a staff of hundreds who get paid to argue.
Doesn't sound like one of those "Win-Win" deals to me.
Build your attic room and forget it. Ask for the first draw when you're framed and sheathed.
Joe H
I am not into going back and argueing with them, very frustrating experience.
I don't want to get rich off it, I was just curious what happens after the independant adjuster assessed the damage. Being new to the paperwork side of insurance and how things work.
Woods favorite carpenter
Matt, now that I think about it, this is a $10K deal?
That appraiser -- win or lose -- is going to cost you more than the few thousand you feel is due (maybe).
The ins co is done with you. Leave it that way, get to work.
Joe H
Yes it is a 10k deal, and thats enough to do what I proposed earlier.
I was asking about the independant adjuster for future knowledge, if this may happen again to one of my customers. I didn't ask for this project, I have check in hand and a letter from the insurance company saying that they have washed their hands of the deal.
Im not going to dispute the checks amount, I am getting more than I had before.
Woods favorite carpenter
independent adjusters are a good thing in a house fire. They talk the insurance lingo. They tend to get a better deal for the homeowner than you or I could. They do not forget the little stuff that we might. Yes most work on a %, but you can negotiate a fixed contract also. If i were you, i would talk to your bank, ther won't be any problems, then procede as planned.
Thats the kind of answer I was looking for, others hinted around to it.
I wasn't asking about it to try to get more money.
Just some future information to store away if the situation arises. Woods favorite carpenter
I think that the correct term is public adjusters. They work for the public.Independent adjusters are just independent contractors. They are an employee of the insurance company, but hired by an insurance company for sepecfic jobs..
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A-holes. Hey every group has to have one. And I have been elected to be the one. I should make that my tagline.
Hi Again Matt,I am following this thread with some interest. While the independent adjuster may sound like a good idea they typically will only work for a percentage of the settlement so, unless honest, will usually attempt to include things in their estimate which are, at best, questionable. Should you choose to hire an independentLast night you stated that you had what YOU felt was a reasonable settlement amount from the insurance company for your loss. Regardless of the difference in markups (OH&P) between the two contractors if you still feel the offer is reasonable and sufficient then accept and fix the darn thing.While independent adjusters do offer value in certain situations, I do not believe that yours will be one of them and may only serve to delay the process.Best Regards
I accept the check, no need for more money. I can get what I want for the money they settled on.
I am new to insurance work, as I usually am the subcontractor on a job. Not seeing what actually happens on the other side in the paperwork. Thats why I asked about the independant adjuster.
I do not want any more delays, or more money. I need to get it fixed before it caves in and crushes almost 20k in tools in there. Woods favorite carpenter
Git-R-Don
A number of years ago I had a small fire in my garage.Personal loss where around 3-4,000 IIRC and probably the same for the garage.Actually independent adjuster (a free lancer hired by the insurance company, not a public adjuster) had a contractor friend and they ripped off the insurance company, but that is an other issue.Anyway the public adjusters work on a persentage of the claim, at least that is a common way of doing it.I had one see the damage and stop by. And see it was not big enough for him to bother with..
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A-holes. Hey every group has to have one. And I have been elected to be the one. I should make that my tagline.
OK, I know you're going forward with your plan but you did ask how an independent or "public" adjuster works. in your case you mentioned you were not happy with the settlement. you could hire a private adjuster to extract what you think you have coming from the ins. co.
if the adjuster takes the case you can be sure he agrees with your opnion of settlement and would likely settle for a larger portion for you and enough to cover his percentage. otherwise why bother.
if you were to go that route you can be sure the settlement would not happen very fast. probably months longer. in my state the ins. co. needs to settle inside of a predetermined time frame. last I knew it was six months
I agree with others who say just get it done and move on
I did ask how it works. For future reference. I am satisified with the outcome, I can rebuild it bigger for the money. I can't complain about that.
I wasn't happy with how the case was dealt with by the insurance company. I was being talked down to by the adjuster who probably never worked a week in my shoes.
THen they send out a low ball, slap it together contractor who wouldn't be allowed to build a dog house for me. I have been called in to fix a few of his jobs by HO's. I'm suprised he still has a liscense. I offer to put in an estimate, they tell me not to bother.
I know this is standard operating procedure for them to find a cheaper settlement, but the adjuster really got on my nerves. I have no issues being talked to as anothr human, but being talked down to like I have no clue didn't sit well with me.
Even after I told her I was a liscensed contractor she still kept it up. Might have been a bad day for her, who knows.
Woods favorite carpenter
I can see their point in not accepting a proposal from the insured. it probably does not matter to them what your credentials are. from their view you are almost certain to be bias enough to inflate the estimate. its a good policy on their behalf.
they all have their favorite contractors. if you did not burn the bridge you could try to get on the list. there are several software packages out there that you would need to purchase that pretty much outlines how much you must charge for every sq.in. of drywall, tape, paint, roofing, etc.
but thats another thread
The said that I knew what the bids were and what the building was insured for, made it to easy for me to inflate the bid.
I can see their point, kind of odd. Seems like they would want more bids to compare to. If mine was too high then it would get thrown out, they write the check for the lowest bid anyway. Woods favorite carpenter
Been there. Trying to be supportive. Move ahead with your plan. Call the bank if ya want. You're ok. Get your project done the way you want.
Not tryin' to be a know it all - I learned a while ago - I don't bow down to taxes,insurance,or lawyers. In fact I live my life to have as little contact with either of them as possible. I deal with them above board as I have to, and make them happy, send my checks as they think I should. Then do what I was going to do anyway.
I sure as hell wouldn't ask my bank what I could do with my own house. In fact I'm done with banks.
Move ahead, and stop worrying what someone else thinks about what you're doing.
Just do it.Remodeling Contractor just on the other side of the Glass City
As much as I hate asking permission, I find it easier to go with the flow.
I've fought with enough people over dumb issues and a garage roof isn't something I want to fight over a 6 month period, got better things to do. Woods favorite carpenter
Matt - since the bank's name is on the check (I'm assuming you have a mortgage to satisfy), you'd probably better run it by them before you do any major changes. That being said, if they're getting an improvement on their investment for no extra charge, they'd be foolish to deny it. But banks think they're omnipotent (my wife's a banker) and don't like things going on behind their backs. Clear it with them first, make the banker your friend and a potential client, and still get to do what you want with your garage. Good luck.http://grantlogan.net/
"Because I really want to live in a country where the poor people are fat. "- Unidentified Indian Immigrant when asked why he wants to come to America
I went to the bank this morning, I had to turn in my estimate with the check from the insurance company.
They are going to put the check into an escrow type of account. I have to draw it out as needed.
Once the bank sends out one of their agents to look over the project I can start. I hope that doesn't take too long.
They have to send the check out because the regional manager only has a $5,000 limit on what he can sign.
Alot of jumping through hoops for a garage roof, I hate paperwork and meetings with people who think I owe them something when the opposite is true.
Woods favorite carpenter
Once the bank sends out one of their agents to look over the project I can start. I hope that doesn't take too long.
Getting your draw inspections won't be much different. Your convenience probably isn't of great concern to them. If you can, finance the remod. yourself and consider their check as your reimbursement.The best reward for a job well done is the opportunity to do another.
I won't have to finance the project. At least not that I know of.
I spoke with the banker yesterday and said I needed 60% to get started, he said there would be no issuw with that. That would get a dumpster and materials on the job. Probably finish the job with that amount.
The rest would be my wages. Woods favorite carpenter
Excellent. Now just send whatever tools are in the way to my address in NC.The best reward for a job well done is the opportunity to do another.
I'm using them all. ;)
At least thats what I have to tell the old lady when she yells at me for not being able to park in the garage.
Got my 16" Makita sidewinder yesterday. Gotta figure out whats going to be my first victim! Woods favorite carpenter
First victim should be a 12" square heart-pine beam recently sawn with your Alaskan Mill.The best reward for a job well done is the opportunity to do another.
Weathers been really wierd here lately, snow all the time. Not great chainsawing weather, and that has me bummed, I'd really like to start using it.
Woods favorite carpenter
Edited 1/29/2008 7:59 pm ET by MattSwanger
"Gotta figure out whats going to be my first victim! "The extended table. Bob's next test date: 12/10/07
the job that needs to be done to reconstruct what is broken that was priced by a means book should be a topic of conversation with the insurance company before the check is cashed or deposited. The fact that you are interested in changing the design is entirely up to you, the ins. co. is only going to pay to repair the existing back to a safe and insurable property. If you can squeeze them for another $2000 for your project because you don't believe with all your expertise in the building and remodeling industry that the contractor that THEY recomended can complete the scope in today's market, you should definately question that. As far as bank draws go, Explain up front the scope and set benchmarks that the bank will be happy with. I don't see your personal business license in jeopardy (sp?) at all because you are simply creating a contract between yourself and a client ( the ins. co.) and what happens after that can be change orders
it sounds highly unethical to me! it sounds like you are trying to get over, not following the rules, and getting something extra.
you should get professional help and have to take ethics classes and do some community service.
The only thing he is doing is hiring himself to do a project that has been approved by all parties involved.
Then taking his wages and reinvesting them into his own project. Two seperate steps that happen to taking place simultaneously.
This is a no brainer.
Say a branch falls into a window of my house, ins co gives me $500 to fix it, I decide I want Architect series instead of designer, reach into my pocket and upgrade - would you consider that unethical?Remodeling Contractor just on the other side of the Glass City
You are bringing the BS from a thread you posted in over here? Why? I didn't bad mouth you in the other thread, I said I wouldn't have done the same under your circumstances.
There is a difference between this situation and yours, I am improving my property. Not walking away from it. You made a choice and it sounds like it was in your best interest, and I'll leave it at that. I told you I have seen it done more times than I can remember in the last 2 years. Almost entire neighborhoods vacant, for sale signs in every yard.
I can't see where this is unethical, I have some questions and thats why I am asking before I act. If its not allowed then guess what? I will hire someone to do it, or I will put it back exactly the way it was before the damage. The bank is going to benefit from the added value, as well as the tax money that goes back into my community.
BTW, I do communtiy service at times, I give lessons at the local vocational school a few times a year. It's nice to see young energetic carpenters wanting to learn how to gang cut rafters or figure out winder stairs. It's a feeling that I really like, giving what I know to what will be the future of the trade. I don't charge for it either.
Woods favorite carpenter
it was just an attempt at humor, albeit a little tongue in cheek, me thinks there are too many judgemental types in here.
I misunderstood, not trying to jump at you.
Read my post I just put up in the loan thread, you just put up the whole story now. You should have done that in the first place. Woods favorite carpenter
"it sounds highly unethical to me! it sounds like you are trying to get over, not following the rules, and getting something extra. you should get professional help and have to take ethics classes and do some community service."It might "sound" unethical but you're interpretation of the term and it's application here is wrong and meaningless.Matt has a duty to put the house back in the same condition, or better, to satisfy the terms of his mortgage. The insurer's only duty is to fullfill their obligation to pay off a claim. They don't get to tell the insured (Matt) what to do with the check. If Matt chooses to take the check and buy a truckload of Vodka with it and drink it all up and have no garage, the insurance company still has to send the check. The insurance obligation is a different contractural obligation than the mortgage obligation. If Matt owned the house without a mortgage, that check would be make out directly to the insured and they could do whatever they wanted with it.I suggest you study the contracts and also get a new dictionary that properly explains the term "ethics". Bob's next test date: 12/10/07
Blue, Segundo is trying to be funny I guess, comparing this to his post about walking away from his mortgage.
He's whined everywhere he could about how he got picked on, he's trying to spread it around.
Matt's busy elsewhere with his stinkin' ho of a wife.
Joe H
I stuck up for Segundo when the attack dogs came out and I'm sticking up for Matt on this one; all jokes aside. Anyways, if he was joking it wasn't funny. Bob's next test date: 12/10/07