- Jurisdiction
- Iowa
I had water damage to my home. The insurance company has cut me a check but included the mortgage company. The mortgage company informed me that once the repairs are completed the money left over (work will be completed under budget as I am doing work myself) will be applied to my mortgage and not returned to me. They said to access that money I would need to use a home equity loan. My name is on the check with theirs. I am current on my mortgage payments. Is this legal as I would then have to pay the mortgage company interest to access money that should be returned to me. I am doing work myself to save money in order to complete additional repairs on the home.