Open Question: Can a lender keep the rest of the insurance claim money after the repairs are made?
We have a sinkhole and the lender wants us to do one of two things:
A: apply all the money to our mortgage loan and dont't fix the house
B: fix the house and apply the rest of the money to the loan Can they make us apply that to the loan? We really wanted to fix the house and have the rest just to pad our pockets being that we are the ones who hired a lawyer to get the insurance company to pay, not them. Please I need some insight, maybe someone who has been through something like this.
