If the current storms have damaged your home and you’re worried about the financial aftereffects, please give us a call. Our Hurricane Relief Team has options for you that can help you recover. Please contact us at firstname.lastname@example.org or via phone at (904) 908-2424 or 1 (800) 445-6289, ext. 2424, option 2 (hardship) or 3 (insurance claim).
Although the effects of the hurricane are currently most important, we can also assist with other types of disasters that might affect more than just your home. We are here to help our members with any type of property damage or disasters, both personal and area-wide. We are here to assist with the coordination and processing of your insurance claims and repairs. Please keep us informed.
We understand that disasters, even away from your home, can cause financial difficulties. For example, if you are experiencing a financial hardship because of a disaster at your workplace that caused you to lose income, we can help. Our credit union is designed to help people through their financial difficulties, so we encourage you to let us know your situation. VyStar has various options that may be workable for you.
There are several websites with great information about finding the right licensed contractor for the job. Here are a few to get you started:
U.S. News & World Report: 18 Tips for Finding a Reliable Home Contractor
Angie’s List: Hiring a Contractor
Bankrate: 7 Tips for Hiring the Best Contractor
We recommend that you be patient during this very important process. Interview the prospective contractors, ask for references, thoroughly review estimates and do your research before agreeing to the work. We also suggest that you receive estimates from several contractors. Don’t rely on the person who comes to your door, willing to do work.
VyStar will work with you so you understand the process for paying contractors. Many contractors are experienced in the process of working with your mortgage lien holder during the repair process.
If VyStar is your mortgage provider, please notify us as soon as you receive your insurance claim check. You can visit your local VyStar branch, or you can reach us by phone at (904) 908-2458 or 1 (800) 445-6289, ext. 2458, Monday through Friday, from 9:00 a.m. to 5:00 p.m. Our representatives are ready to help guide you through the payment process.
Because VyStar will be named as your mortgage provider on the check, we will also need to endorse (sign) the check. When you contact us, we will give you the information and forms you need to move forward with repairs. Please do not endorse the check until you speak with us first.
Generally, insurance claim checks have your lien holder’s name on them are made payable to you and the contractors you hire. Sometimes, they are made payable to only you. Once we receive your settlement check, the funds will be deposited into an account established for the insurance proceeds. From this account, draws will be released based on the money we are holding. (We will not include the money that your insurance company may be holding until final repairs are completed.)
The first draw will be released to you and your contractor after the required initial documentation is received so that the work can commence. (A VyStar representative can provide you with the necessary forms and guide you through the submission process.) Once the work is either half or two-thirds complete, depending on the size of the claim, an inspection will be ordered to confirm the percentage completed before a second draw will be released. The final draw will be released upon receipt of a 100% satisfactory inspection. These draws are made incrementally for your protection; it helps ensure that repairs are seen all the way through by your contractor.
All draws will be mailed to you, and they are payable to you and the contractor jointly. You will need to endorse the check over to the contractor. By endorsing the check, you indicate that all work is completed to your satisfaction.
If the amount you are receiving from your insurance claim is greater than the remaining amount you owe to pay off your mortgage in full, then yes. A VyStar representative can provide you with the required payoff amount if you do not have record of it. If your claim check covers the full remaining balance and you wish to use it to pay off your mortgage, you must endorse the check and send it to VyStar along with a letter giving us permission to use the funds for your mortgage payoff.
If the amount you receive from your insurance claim does not cover the full remaining balance of your mortgage, then you must include the claim check, a letter of authorization as well as a certified check for the difference.
Please note, however, that you cannot use your insurance claim check toward delinquent payments.
If the amount of your insurance claim funds is greater than the cost of your property repair, unused money may be refunded to you as long as the following criteria are met: