First Flight Federal Credit Union
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Fayetteville, North Carolina
Why can't I rebuild after a house fire
- June 23, 08 NC fire; insurance payout.
- Bank requires mortgage payoff to open rebuild account and hints at construction loan with added closing costs.
My sister had a house fire, total loss in NC on June 23, 08. She received the check from the insurance co.
She went to her bank,(which holds her mortgage and is on the check) to open a seperate account to start rebuilding. The bank told her that she would have to pay off her exsisting mortgage. Why???? In her mortgage deed it states she is allowed to rebuild.
Now they want her to take out a construction loan. More fees to pay with that at closing. We have everyone lined up to rebuild, since we are in the construction field. Any help would be appreciated.
Bank is First Flight Federal.
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