Consumer complaint received 2017-06-05
Company: U.S. BANCORP
State: NV
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
My complaint is in regards to my mortgage company  US  Bank withholding my insurance funds from a  Home Owner 's Insurance c laim that began in  XXXX  of  XXXX . The amount of the claim grew substantially due to a sewer backup and the lines under my home, in their entirety, had to be replaced. In the beginning my insurance company was the one playing games and would n't release funds. I was then notified payments were to be made payable to both myself and my mortgage servicer. Work had stopped several times due to non-payment, yet out of sheer luck I was able to get a line of credit that allowed me to pay the plumbing company so work could continue.  <P/> US Bank entered the scene in early  XXXX , after the plumbing and concrete companies had already completed their work and had been paid in full by myself. Since that time,  US Bank 's Loss Draft  Department has refused to release the monies my insurance company allocated to me to continue renovation work on my home.  US Bank was the one n ow playing games, not satisfied with the receipts I provided and actually requested I have the plumbing company rewrite them. Of course the plumbing company refused. After several weeks, I was finally able to ge t US  Bank to release a portion of the insurance funds, however the amount was barely enough to payoff the line of credit I was forced to acquire in  XXXX  of  XXXX . As I was getting pressure from my insurance company to get out of the hotel rooms, much work was still needed to be completed on my home. I had to finish at least  one  bathroom before  XXXX  to be able to move back in.  <P/> Since that time, due to  US Bank 's Loss Draft Departments  refusal to release insurance funds, I have had to dip into my personal savings to continue the renovations to my home. I understand  one  of the issue s US B ank is having is that I do not have a Gener al Contractor. I vetted six ( 6 )   General Contractor  's since  XXXX  of  XXXX , and with the amount my insurance company agreed to pay for the damages, no G.C. in my area would agree to take the job. This is something completely out of my control. So after hitting several brick walls, as  one  not to meekly sit in the corner on my hands, I took it upon myself to continue with the renovations on my own.  <P/> Fast-forward to today. It is now  XXXX  of  XX/XX/XXXX and my home is still not completed. I have exhausted my personal savings and  US Bank 's Loss Draft D epartment continues to play games. I am at risk at not being able to pay my mortgage t o US Ba nk due to their own L oss Draft De partment withholding these funds, and have had to borrow from friends and family to keep afloat. I have submitted every document and paperwork they have requested, and complied with two inspections. I have submitted estimates, invoices and receipts showing all of my out-of-pocket expenses over the pas t six ( 6 )  months and where the remaining funds are to be spent.  US  Bank also refuses to branch endorse a final payment I received from my insurance company after much deliberation. Since the mess  US  Bank has caused and the complete distrust I have for them, I refuse to mail this check off so they can just hold these monies  hostage  too, all the while earning interest and keeping me in limbo.  <P/>  US Bank  has caused severe non-use and loss of enjoyment to my home since  XXXX  of  XXXX . I have no kitchen to speak of, master bedroom or bath and have been living without flooring since before even then.  US Ban  k 's Loss Draft Dep artment keeps changing their rules, and at  one  time they stated that repairs needed to be at 70 % before they would release further insurance funds. When it was evaluated at 73 %, they then said it had to be 80 %. Now they are saying it 's 90 %. How do I get to 90 % without insurance funds? I should n't have to front these renovations ; nevertheless I have and as stated before, I am now completely tapped out and can not continue forward with the renovations without the funds from my insurance company.  <P/> To make matters worse, my insurance company dropped me  ( naturally ), a nd am in need of  Home Owner 's Insurance  by  XX/XX/XXXX . I have already inquired with several companies, but seeing as I have an open claim no one will cover me. I 'm not entirely sure how  Home Owner 's Insurance  works, seeing as this is my first home, but I know there are consequences whenever one has a lapse in merely auto insurance.  <P/> I 'm in an impossible and endless loop with  US Ba nk with no end in sight. I need help most desperately.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation