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Getting payment from the mortgage company

Jebadia's picture

Getting payment from the mortgage company (post #181906)

Jebadia on Sun, 01/03/2010 - 10:44
in

Is there some way to get the mortgage companys to pay in a little more timely fashion when the work is complete? Is there a way to put pressure on them? What is the best way to deal with them?

Thanks for any help,Insight, etc....
Jeb

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My experience has been no - (post #181906, reply #1 of 2)

by TLE in reply to Jebadia [original] on Sun, 01/03/2010 - 15:29

My experience has been no - they will pay when and in the amount they decide to.
I have had a number of run-ins with draw payments over the years and the only complaints they will listen to are ones from the customer direct.

The two banks I have had the most trouble with, I have put in my contract with the customer that the draw check is due within 7 days of the paperwork submission subject to a 1% (of the draw)penalty against the customer contract.

This has resulted in them being on the banks case right from the get go, and me getting a timely payment.

Terry

I've been through that (post #181906, reply #2 of 2)

by Matt in reply to Jebadia [original] on Fri, 01/08/2010 - 05:16

I've been through that before. You are pretty much at the mercy of the bank/mortgage company. On one I had to simply the customer who was having the house built that I wasn't going to do any more work until we got the check.

Matt