Countrywide Mortgage I was informed that the insurance money to rebuild my home will not get interest. Stoughton Wisconsin
Our home was destroyed in a tornado August 18,2005. Our insurance company issued us a check made out to us and Countrywide for $217,000 in September. Countrywide kept $146,000 to be disbursed as the house reaches a certain percentage of being done.
I called for an inspection a couple weeks ago and asked how much interest our money is getting and was informed that the money is not bearing interest.
My question is this: Is there a law that they can keep our money without giving us interest when we have to pay $800 a month in interest on our loan.
Well, the inspector came and said our home is 50% done. Our land, and shop and the amount of the house that is completed right now is worth well over the amount we gave them. (The land alone is worth $150,000) Is there any way to get our money back from them in a quick manner?
Judy
Stoughton, Wisconsin
U.S.A.