Consumer complaint received 2015-11-05
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: Residential Credit Solutions, Inc. (CO)

My home in Colorado was damaged by hail in XXXX, 2014. The insurance company sent me several checks to cover the damage. All of the checks had as a payee the mortgage company, Residential Credit Solutions ( actually, they are servicing the loan ). I endorsed all of the checks, and then sent them to RCS as they requested. RCS is now holding the money in my escrow account, and will not release it to me. The amount of my money which they are withholding from me is {$22000.00}. I have made several requests to RCS that they send me my money, but I am just getting the royal run around. 
You should know that I have completed all of the repairs to my home. It is in much better condition than before the hail storm. For example, while it was necessary for me to replace the roof, instead of replacing it with a less expensive composite roof, I replaced it with a high grade tile, thereby greatly increasing the value of the home. The amount that I spent on the roof was greater than I was reimbursed by the insurance company, and I paid the difference out of my own pocket. The same is true of the damage to the deck, as well as damage to the exterior paint on the house. I spent alot of money out of my own pocket to preserve and protect the asset. 
RCS has continually set up more and more hoops for me to jump through. First they wanted me to sign a statement saying that I would be responsible for the repairs, and that my house would be in the same or better condition than it was in before the hailstorm. I signed the statement for them, because it is a true statement. 
Not being satisfied, they then asked me to sign a statement saying that there would be no material man 's lien or mechanic 's lien on the property as a result of the repair work. I also signed that statement, since it is true. There are no liens on the house, and there will not be any. 
Not being satisfied, RCS then sent out their own inspector to view all of the repairs. I took him through the house and showed him that everything had been fixed/ I showed him everything. He took many pictures, and sent them to RCS. 
As if all this was n't enough, RCS now wants me to send them all of the receipts. This is entirely unnecessary to protect their financial interests, and is being done solely for harassment. I say this because RCS has a lien on my house in the approximate amount of {$300000.00}. THEY ARE IN FIRST PLACE. The house is currently valued at over {$900000.00}. Even if any of the materialmen had not been paid, and they have all been paid, any mechanic 's liens would not affect or jeopardize the financial interests of RCS. As previously stated, their loan of {$300000.00} is in first place on a {$900000.00} house. There is nothing in the documents which gives them the right to request all of the receipts, considering all of the other hoops which they have had me jump through. Their financial interests are adequately protected. Plus, they had their own inspector come out and personally inspect the repairs. These people have more than enough information to make sure that their financial interests are adequately protected. Obviously, it is important for me to preserve the asset. I have never missed a mortgage payment, and I have never even been late with a mortgage payment in over 40 years of home ownership. 
I have had to borrow money from the bank to pay the contractors who performed the repairs, since I did not think it was fair to ask them to wait for their money. 
I try to choose my words carefully, but I honestly believe that RCS is trying to cheat me out of the money which is rightfully mine. They are acting in bad faith. The repairs were completed months ago, and they are still refusing to release my money. I have jumped through all of their many hoops. They are adequately protected. Enough is enough.