Insurance - arg, wrong mortgage on ins check
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Pendragon
12-04-04, 01:56 PM
Just got my Hurricane Ivan insurance payment.. except it has the wrong mortgage company listed. I am on my third one now, the check has the first one.
Had it with Company A, sold to Company B, who sold it to Company C.. each time paperwork indicated my insurance company would be notified of the change.
Now what? I really don't want to wait another month for the insurance company to issue a new check!
Which brings me to my next question, how does that work?
Once it has the right names on it, do I mail the check to the mortgage company, let them sign it and mail it back? I sure don't want to sign it first, they could either just keep the check, or they'd be mailing back a fully endored 5 figure check. Neither of which would be good or get my roof fixed..
Had it with Company A, sold to Company B, who sold it to Company C.. each time paperwork indicated my insurance company would be notified of the change.
Now what? I really don't want to wait another month for the insurance company to issue a new check!
Which brings me to my next question, how does that work?
Once it has the right names on it, do I mail the check to the mortgage company, let them sign it and mail it back? I sure don't want to sign it first, they could either just keep the check, or they'd be mailing back a fully endored 5 figure check. Neither of which would be good or get my roof fixed..
Family Guy
01-28-05, 09:51 PM
Well, it depends on the mortgage company's policy. If this is a large repair, say over a few thousand, they will probably require that you endorse it and send it to them. They'll release funds as repairs are made and inspected or at the completion of repairs. They'll want to be in control of releasing the funds to be sure the money is used to properly repair the house (their investment).
If it's a smaller repair, they'll probably endorse it. You can pay for overnighting to them and a prepaid label to overnight it back usually, but they won't fork out for it themselves.
After you get the mortgagee clause fixed. :wall:
Edit: Just noticed the date on your post. Hope it's worked out by now!
If it's a smaller repair, they'll probably endorse it. You can pay for overnighting to them and a prepaid label to overnight it back usually, but they won't fork out for it themselves.
After you get the mortgagee clause fixed. :wall:
Edit: Just noticed the date on your post. Hope it's worked out by now!
Pendragon
01-28-05, 10:28 PM
Yah, actually I just called my agent, he had me a new check the same day. I took it to the local lender office, they endorsed it and gave it right back.
I'm working on getting roof repairs now, was *finally* able to get an estimate. Insurance thinks it's probably too high, but it was the only one I've been able to get. Roofers have their pick right now, and many are simply turning down work that won't be simple, 1/2 - 1 day jobs.
I'm working on getting roof repairs now, was *finally* able to get an estimate. Insurance thinks it's probably too high, but it was the only one I've been able to get. Roofers have their pick right now, and many are simply turning down work that won't be simple, 1/2 - 1 day jobs.