I am a Disabled Veteran on fixed income. In the summer of 2008 I had a busted slap-hot water pipe under my house and it did flood my house. The water damaged my furniture, sheet rock and my wood cabinets. "Allstate is my insurance company, they wrote a check, for the damages and the repairs in my name and my Mortgage company's name which is "American Home Servicing Company" based out of California. The mortgage company insisted on mailing the check fully indorsed, by me, to them. They said that once I finish the repairs then they would send an Inspector to verify that the repairs are done then they would release the funds to me. I explained to them that I am a disabled veteran on fixed income; and if I do this I would not be able to make the monthly payment because I had to use the amount of the payment to do the repairs and they would need to take the amount of the monthly payment out of Allstate insurance check, which they agreed. After the repairs were done and Inspected by their agent, they released the funds minus the monthly payment just like they agreed with me. But, they reported me as being more than 30 days late to the three credit bureau!!!
This has damaged my credit and lowered my credit score and eliminated my chances in refinancing my home to the new low rate, which I need very much because when I became disabled in 2003 I lost my home and my car to the banks which damaged my credit severally, and when I bought this house in December of 2006 I Financed it with a two year Arm at a rate of 9.25%.
I am in trouble again because I can’t refinance my home with the new rates that is offered to people with over 700 FICA score. My score before this report by AHMSI was around the 700. But after they reported me as being late, it dropped drastically to the low 600's. I disputed the late report with the credit companies but their investigation resulted that I was more than 30 days late!!!