Posted by Josmamartin
This is the never-ending story of Regions Bank and the disbursement of insurance funds. I would like to discuss the Hattiesburg office of Regions Bank and the mortgage manager.
We had the last hurricane of the season and we had an insurance claim. Our insurance company behaved excellently. They quickly paid $32,145.79 that was made out to us and the mortgage company Regions Bank, which as then deposited in Regions Bank. Many times, proceeds are delayed by the insurance companies but in this case, it is the bank that is causing the delays by requiring documentation for every cent - contrary to their written procedures to us. I believe they are delaying and using these proceeds to make loans and get interest. This is the story that the wind took away and the customer endured.
Most of the claim and proceeds was for the slate roof. The insurance proceeds for roof damages were $21,851.51. The disbursements with documentation were $12,558.07. As of January 15, 2021, the roofs are completely repaired. The difference between $21,851.51 and $12,558.07 is $9,293.44. Completion was confirmed by an inspector for Regions Bank. For some reason, the manager (Andrew Puckett) is requiring documentation for more disbursements. We were told that this was an FHA requirement. We contacted the FHA and was told differently. Now they want a detailed plan of all repairs, past and future, with estimated costs before releasing a disbursement that would be 50% of total proceeds. Roof repairs are complete - we should have received the insurance payment for the value of the roofs. WHAT COULD BE SIMPLER?
Since we are managing and acting as our own contractor for future repairs, we need the proceeds to get material and labor to complete all repairs. This has been continuing for over three months now and we are at our wits end. We provided all that was asked of us and at each juncture we are burdened with new requirements. I also believe the manager gave these instructions for additional documentation to his staff and now cannot change them without losing face. I would question his professionalism, preparedness and ability to read actual requirements from the FHA rather than make them up as situations arise.
Jose M Martin