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Missouri homeowner files damage claim with insurance

company, and, receives $150,000. Insurance...
Missouri homeowner files damage claim with insurance company, and, receives $150,000. Insurance check is written jointly to homeowner & servicer; signed by homeowner and sent to servicer for deposit. Are these funds required to be deposited in, and, maintained in a segregated. federally insured account during the damage repair process? What is the Missouri law that governs the handling of the insurance proceeds?Url deals with issue, but with no backup..
http://eoplugin.commpartners.com/afsa/afsa_080916_state_escrow_laws_handout.pdf
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Answered in 5 minutes by:
9/29/2017
Law Educator, Esq.
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Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Under MO law, the mortgagee may reserve the right to apply the insurance recovery to the outstanding debt at its sole option, meaning you need to start your inquiry by reading the mortgage contract. See: Hartford Fire Ins. Co. v. Bleedorn, 235 Mo. App. 286, 132 S.W.2d 1066 (1940). Under MO law, if the insurer agrees to rebuild the property and not apply the insurance proceeds to the balance of the loan, based on their mortgage contract, then they must keep the funds in the escrow account for the loan and cannot refuse to pay the funds out to those doing work on the property to repair the property. However, as this is an issue based in your mortgage contract, you need to see if they have the right to apply funds to your balance and if not then you need to make arrangements with the mortgage company to make payments to your contractors for repairs required.

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Customer reply replied 1 month ago
servicer has the funds.
the qurstion I am asking - are they required by Mo law to
keep the funds in a segregated insured account while the repair process is ongoing. If so, what Mo. law requires them to do so.

MO revised Statute 339.105 requires all brokers to hold escrow funds in separate accounts and RESPA and TILA require the mortgage company to give an itemized statement on escrow to each borrower annually or reasonably upon demand.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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