Yup, that's citimortgage for ya. Our house caught fire, the check was sent to citimortgate as the insurance company signs it to both the owner and the lender. Citimortgage then disburses the check in equal amounts of 3, so you get 1 check at the beginning, another check once you are 50% or so complete with the construction and we self contracted and thank God we did because Citimortgage expects you to have your house 95%-100% COMPLETE BEFORE they release the last check!! That makes no sense!!! It took 1 month to get our first check after calling at least 3 times a week asking where it was at. We finally got it and they signed it off to me AND the company who took our clothes to get dry cleaned because of the smoke!!! How does that make any sense!! Needless to say, they have no idea how that happen, a week later we got another check. We asked for our 2nd check and again, you have to send receipts that add up to the amount of your first check, and so we did. Again, it took 1 month for us to get our check as we had to keep calling and every time it was something new that they had never mentioned! Whether it was to have the contractor sign off on the receipts with their number and it takes 2 days to process or send copies of the cashed checks as well and wait another 2 days to process, or that our check hadn't been approved, or that it had been approved but it takes 7 days to release it, or that it was mailed but we never received it and had to call back, etc. etc. Now, we are waiting for our last check and I am not looking forward to it. Let's see what other excuse they have!!!
Thank GOD we self contracted because we saved a ton of money and didn't really have to use any out of pocket money to complete it. Citimortgage likes to hang on to that money as loooooong as possible so if you are in this situation, please keep calling! They HAVE to release the funds, it's your money! Or call and speak to their supervisor, we had to do that in order for them to release our second check.