2013-06-17 — newrepublic.com
``Only the most fastidious of homeowners know this. The rest learn the hard way--like the residents of Bastrop, Texas. The most destructive wildfires in Texas history tore through the town in September 2011 and destroyed 1,691 homes. Most of these were total losses, and the insurance claims should have gone toward rebuilding. But a survey by the nonprofit consumer advocacy group United Policyholders found that over one-third of respondents were told by mortgage servicers that they would only release funds if the homeowner used them to pay off or pay down their mortgage, rather than make repairs. Though United Policyholders executive director Amy Bach hadn't seen such a scenario in her 21 years of advocacy, "It made me think that the problem is more common than I realized," she said. "It's not like Bastrop is the only time lenders ever overreached."''
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