Refund of Escrow Funds

Hello,


In Feb. 2008, I had a pipe freeze and burst, which caused damage to three floors of my home. As it turned out, the pipe did not meet code, but that's beside the point, as far as what I am asking about at this time. My mortgage company held the money paid out by the insurance company for structural damages in escrow until the damages were fixed by the contractor. Because of the poor quality of care shown for my household belongings, not to mention the poor quality of work completed, I decided not to have the original contractor install the new hardwood flooring. As a result, he decided to change many of his original prices and also add new charges to my bill to try to compensate for the money he lost by not being allowed to do the floors. As a result of the changes made, there is still money that my mortgage company is holding. I have provided them with an update on which items the contractor did complete and which ones he didn't. However, since the orignal estimate doesn't match the final one, they will not release the extra money back to me without the contractor's signature, which he is refusing to provide! So, about $4,500 is just sitting in my mortgage company !!!! I desperately need that money back to pay for expenses I have incurred in trying to fix and/or finish the things that the first contractor ruined.

Do I have any recourse in getting the mortgage company to turn the $4,500 over to me??? It does belong to me!!!


Please advise me.



Thank you for your help,



Robin


ALTHOUGH I AM A BIT CONFUSED, IT SOUNDS, OVERALL, LIKE YOU HIRED ONE CONTRACTOR TO DO THE WORK. YOU WERE NOT HAPPY WITH THAT CONTRACTOR AND TERMINATED HIM PARTLY THROUGH THE PROJECT. HE CHARGED MORE FOR THE PORTION OF WORK WHICH HE COMPLETED THAN WAS QUOTED. IT SOUNDS LIKE HE WAS PAID, WITHOUT QUESTION, BY THE LENDER FOR THE PORTION OF THE WORK HE DID COMPLETE. IT SOUNDS LIKE CONTRACTOR #2 FINISHED THE WORK TO YOUR SATISFACTION. I ASSUME HE WAS PAID. IT ALSO SOUNDS LIKE HE CAME IN BELOW THE ORIGINAL CONTRACTOR'S BID. THUS, YOU HAVE $4500 LEFT OVER. HAS ALL THE WORK BEEN SIGNED-OFF BY THE LENDER AS SATISFACTORY? IF NOT, THE REMAINING FUNDS MAY BE NEEDED TO COMPLETE THE WORK. IF ALL THE WORK IS DONE AND SIGNED OFF BY THE LENDER, AND YOU HAVE AN OVERAGE OF $4500, YOU MAY BE ENTITLED TO THE MONIES. PERHAPS THE INSURANCE COMPANY IS ENTITLED TO A REFUND OF THE UNUSED MONIES? I DO NOT KNOW. EITHER WAY, I DO NOT SEE HOW THE FIRST CONTRACTOR CAN BE HOLDING THIS UP (UNLESS HE IS THE ONE SIGNING-OFF ON THE WORK?). I WOULD EITHER SEEK LEGAL COUNSEL OR CALL THE ESCROW OFFICER AND HAVE HER POINT ME TO THE APPROPRIATE PERSON AT THE LENDERS. REMEMBER, ESCROW IS A DISINTERESTED THIRD-PARTY AND SHOULD BE ASSITING YOU IN THIS MATTER.

MortgageMaster