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Are mortgage company required by law to release all of the insurance fund?
Wiki User
∙ 14y ago
After you suffer a loss to your building, the insurance company will send the settlement check to your mortgage company, because they technically own your home. With that said, they want proof that the repairs are going to be done. Some mortgage companies will turn the funds over to you with a written estimate, while others may deliver partial funds to you as repairs are completed.
They are required to release the funds to you because you own the insurance policy, not them. If you are having trouble getting the funds released, communicate the situation with your adjuster for advice. A good insurance adjuster may communicate with the mortgage company to assist you.
See the attached link for details on settling a loss.
Wiki User
∙ 14y ago
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Can mortgage company hold insurance fund if you are deliquint?
According to paperwork we received from our mortgage company regarding the release of insurance funds, we must keep our loan current. So, yes.
Can a mortgage company keep the unused portion of insurance claim money when the job is completed and inspected?
According to the person I spoke with at the Texas Department of Insurance (as this answer may vary with each state), the answer is no. The money belongs to the homeowner. The mortgage company must release the funds when the homeowner satisfies the requirements of the mortgage company, usually this is signed documents, contractor's invoice, and an inspection. Theoretically the mortgage company should then release the funds to the contractor and the homeowner. (Theoretically b/c our mortgage company comes up with something new they need every 2 weeks. We've been fighting for our money for 10 weeks now. So good luck!)
Can you submit estimates to your mtg company to get your escrow insurance money or does the work need to be completed first?
It is most likely that the mortgage company will want to have the invoice when the work is done before they will release the funds. Check with them as to what they need.
How do you get your mortgage company to release your insurance check Adjuster reported home is completed Mortgage company wants to send last check to a contractor?
Was this a total loss? The money should go to the contractor unless you have already paid him out of pocket then the money would go to you...re-imburse you only what it cost to rebuild home and only what you paid the contractor. The mortgage company pays the contractors directly to be sure that they are paid in full and not mechanics liens are on the property. Provide proof of paid in full acknowledged by the contractor and the company will then release the check to you.
Do all mortgage companies issue a loss draft check to both the contractor and homeowner?
Each mortgage company has different procedures regarding the release of insurance funds. The best way to know what you should do, would be to contact your mortgage companies customer service department to find out what documents they will need and where the check should be sent.
Can mortgage company hold insurance fund if you are deliquint?
According to paperwork we received from our mortgage company regarding the release of insurance funds, we must keep our loan current. So, yes.
Can a mortgage company keep the unused portion of insurance claim money when the job is completed and inspected?
According to the person I spoke with at the Texas Department of Insurance (as this answer may vary with each state), the answer is no. The money belongs to the homeowner. The mortgage company must release the funds when the homeowner satisfies the requirements of the mortgage company, usually this is signed documents, contractor's invoice, and an inspection. Theoretically the mortgage company should then release the funds to the contractor and the homeowner. (Theoretically b/c our mortgage company comes up with something new they need every 2 weeks. We've been fighting for our money for 10 weeks now. So good luck!)
Does signing an insurance check release the insurance company?
no
Can you submit estimates to your mtg company to get your escrow insurance money or does the work need to be completed first?
It is most likely that the mortgage company will want to have the invoice when the work is done before they will release the funds. Check with them as to what they need.
Will the insurance company still pay if I don't rebuild?
If you have a mortgage, the money goes to the bank and they release it when the house has been rebuilt and inspected. If you own the place free and clear, then it is your choice.
How do you get your mortgage company to release your insurance check Adjuster reported home is completed Mortgage company wants to send last check to a contractor?
Was this a total loss? The money should go to the contractor unless you have already paid him out of pocket then the money would go to you...re-imburse you only what it cost to rebuild home and only what you paid the contractor. The mortgage company pays the contractors directly to be sure that they are paid in full and not mechanics liens are on the property. Provide proof of paid in full acknowledged by the contractor and the company will then release the check to you.
If you collected on roof damage do you have to put a roof on?
Most of the time, the insurance company pays the mortgage company the money and they release it to the contractor when the work has been done. It is really shortsighted to spend the money on something other than what it is intended for.
Does a liability insurance company have to release a copy of the insurance policy to the claimant?
No.
Can a mortgage company release a lien on your home and you own it free and clear?
yes
Do all mortgage companies issue a loss draft check to both the contractor and homeowner?
Each mortgage company has different procedures regarding the release of insurance funds. The best way to know what you should do, would be to contact your mortgage companies customer service department to find out what documents they will need and where the check should be sent.
Can Motor vehicle release your auto insurance information to another insurance company?
Yes.
Does sony Mae charge pmi for the lifetime of the mortgage?
If you mean does private mortgage insurance remain payable for the lifetime of the mortgage, no. Once you've paid in 20% you start to become entitled to release it and at 22% in, it's supposed to be automatically released. There are some possible bumps, but there's a good little summary at: http://www.mortgagesfinancingandcredit.org/mortgages/private-mortgage-insurance/pmi-cancellation-termination1.htm
