Consumer complaint received 2021-02-22
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — 
Company: REGIONS FINANCIAL CORPORATION (AL)

In XXXX I decided to move back to my home town and buy my dream home. I found my dream home and closed with Regions Bank and moved into my new home in XXXX. I used a lot of my retirement but my daughter and granddaughter were moving in with me and I wanted them to be proud of the home that would someday be theirs. On XX/XX/XXXX I was awakened by my dog to the fact that the house was on fire. 3 fire departments spent 5 hours trying to put out the fire. They had to return the next day and put out new breakouts 5 times the next day. We lost everything except the PJ 's we were wearing. Little did I know what a nightmare I would have to endure. Even though I had insured my home for {$8000.00} more than I paid for it I found I was underinsured. Never did I dream the person responsible for rebuilding the home would be me. Walking away was not an option or I would lose {$30000.00}. So it began. I received the Actual cash value of {$210000.00}. within 2 weeks which I had to immediately turn over to Regions. I found a contractor that was a small company but he was going to do everything he could to build for what I got from insurance. After giving his life history the 1st disbursement of {$71000.00} came. I have had to fight for every penny after that. Not only had COVD reared its ugly head, I had to fight with county, permits, building so I was out of the flood zone, and every company I was required to deal with that had put their employees on vacation or working from home. I was given 6 extra months to finish the job. That meant that I had to have my home finished in one year or lose the {$26000.00} for the replacement value of home. I explained all this to Regions but I had to talk to a different person every time I called and explain things over and over. When I needed money for 2nd disbursement I called and requested an inspection. After 2 weeks I called to find out when inspection would be done. Regions had no idea but if I wanted to call the company in New York maybe they could tell me. Since I had nothing to do but list every item I lost down to the last Q-tip, I called them. I was told that they had no inspectors in the South East area of the United States and they were trying to hire one. What!!! I continued to call Regions with no results and finally after 4 weeks they said they were trying to get another inspector for the job. In the meantime my contractor had to take on another job since I was getting no money for my home job. On 5th week I was told the inspector would call and meet me. A week later I again called Regions and they said the inspector forgot to call me or the contractor, and did the inspection without any info on what had been purchased or was ordered and paid for. They gave me {$54000.00}. My contractor then finished framing, roof, windows, bought brick, sand, cement doors and went to work. All of these items have been completed. It is now XX/XX/XXXX and I needed another disbursement. Regions told me the inspections were ordered. I called Regions numerous times and finally found that again, we weren't called when inspection was done and it didn't come back with enough work done to be able to get another disbursement. I explained everything that had been done and that I was taking money out of my own pocket and so was my contractor. None of the things that I had paid for and were waiting to come in were counted in inspection. I guess because the inspector again never got in touch with me or my contractor yet again. They told me they were basing percentage on insurance figures for cost to finish which showed {$260000.00}. They were going to send {$70000.00}. I waited a week and called Regions because I didn't receive the check. They said they never told me and my contractor we would receive any money because again we didn't have enough done. They told me to send all receipts we had for anything we had purchased and I had to wait on the inspection. Why had they never asked for this before? Waited for inspector to call and after I week I called Regions again.. Then on XX/XX/XXXX they decided out of the goodness of their heart they would send {$20000.00}. That was spent a long time ago. I requested another inspection because at this point we had finished numerous other things and I was running out of time. I explained that it was turning into an emergency because I was going to lose the {$26000.00} from insurance if I didn't get this finished. I waited another week and again no inspection. They didn't know why it hadn't been done but again told me to call New York to find out when the inspection might be done. The lady I talked to there was the most helpful of anyone in trying to explain how the inspections were done and what counted towards the percentage of what is done. She told me from what I described as being done if we would finish the small amount of trim outside and get the floors that were already purchased and paid for done that should get us around {$60000.00}. That was finished and I called the inspector to see when he could come out. I explained to him I was about to have to move out of rental home and give back the furniture, and how worried I was about losing the {$26000.00} from insurance. He told me he would rush it through that night if I would go to the house and take pictures of all 4 sides of house, and every room inside the house. I sent them to him and he messaged me that he turned everything on XX/XX/XXXX. On Thursday I called Regions and they said they hadn't received inspection. I called again Fri and they said they had received them but they only showed 40 % complete. Wait in XXXX it was 50-60 % complete now it is only 40 %. I have asked to see the inspections so I know what was counted in on percentage done. The inspection company said they had no problem showing it to me but Regions refused. Regions only tells me percentages but never what was counted on the inspection. At this point my case has been escalated to one person for a month. She was out and her assistant told me that the whole thing was going to have to be reviewed by management to find out why it went down to 40 % Monday was a holiday and the snowstorm hit Tuesday. When I reached Regions yesterday they said they were going to send {$23000.00} while they tried to figure out how much was done, but because of snow storm it may take up to a week for me to receive it. XX/XX/XXXX and no money. I have spent {$55000.00} which is all of the personal property money I have received from insurance. Even if I get the house finished and receive the last insurance check of {$27000.00}. I will have no money for furniture, appliances, and clothes. Everything for house has been completed except for counters, which is running late because of Covd, sinks which go in counters, electrical lighting installed and final last minute things like door knobs. Regions letter always say they are not responsible for quantity or quality of work and it is my responsibility to make sure I have funds to finish the job. I have funds to finish my job, I have to go through XXXX to get them. In 4 days I will have no home and no furniture. My year is up with insurance. I can not understand why you would put the insurance money in jeopardy and turn around and offer me a loan. I am sorry but an apology from Regions when I told them my husband, daughter, granddaughter and 4 animals were going to be homeless is not what I want. You still have {$47000.00} that I desperately need to finish my house, and there are so many other things I need to be doing to get my family settled than fighting with Regions over insurance money when I have made all my payments on time and tried to follow all of your rules no matter how unfair they have been. I shouldn't be punished because my home burned down and I lost everything.