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Galveston residents facing off with mortgage lenders

As if waiting for insurance checks wasn’t enough, residents in Galveston are now being held up by their mortgage lenders. In an article by the Galveston County Daily News, the plight of some homeowners is detailed as mortgage companies try to protect themselves and their investment and residents remain financially trapped.

But almost five months after Hurricane Ike filled the house with nearly 5 feet of salty floodwater, the Lopezes were still waiting for the mortgage company to send them the first installment of funds to go toward repair.

So many storm victims have had similar problems with their lenders that the Texas Legislature’s subcommittee on hurricane recovery has recommended the state start making mortgage banks pay interest to homeowners on any insurance funds held for an unreasonable amount of time.

This just goes to show there are so many bureaucratic steps to insurance and home protection that remaining on top of issues and ahead of the curve may help you in the longterm should a tragedy befall you and/or your property.

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