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Can a mortgage company keep the unused portion of insurance claim money when the job is completed and inspected?
Wiki User
∙ 14y ago
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!)
Wiki User
∙ 14y ago
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Who benefits from a mortgage insurance claim?
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
How do you know if you had mortgage insurance?
This depends on what you mean by mortgage insurance. If you are talking about products like PMI (Premium Mortgage Insurance) look on your escrow billing and it will be listed. If you are talking about a life insurance policy that would be either through credit life with your mortgage company or separately through an insurance company.
Can your insurance company refuse to pay your mortgage because you are going on holidays?
Insurance companies do not pay your mortgage for you regardless of if your on vacation or not.
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.
What is mortage insurance?
The term Mortgage Insurance can mean different things to different people and in a variety of situations. I have heard it refer to life insurance designed to pay off a mortgage balance due to death of an insured person. another type of Mortgage Insurance is products such a PMI, which indemnifies a bank or mortgage company in the case of a default on a mortgage loan. In this type of mortgage insurance the person who takes out the loan pays the premiums through their house payments, but will not receive any benefit from the insurance as the only one who gets paid is the bank or mortgage company. The insurance company can then still come after the borrower for the amount of their loss.
Can a mortgage company keep the unused portion of insurance claim money when the job is completed and inspected in tennesse?
No. It would have to be sent back to the insurance company if they paid too much.
Do you have to have your house inspected to get homeowners insurance?
The insurance company reserves that right.
Who benefits from a mortgage insurance claim?
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
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 know if you had mortgage insurance?
This depends on what you mean by mortgage insurance. If you are talking about products like PMI (Premium Mortgage Insurance) look on your escrow billing and it will be listed. If you are talking about a life insurance policy that would be either through credit life with your mortgage company or separately through an insurance company.
Can your insurance company refuse to pay your mortgage because you are going on holidays?
Insurance companies do not pay your mortgage for you regardless of if your on vacation or not.
Does mortgage company know the change of the homeowner insurance to landlord insurance?
Your Insurance Company is required by law to provide a copy of insurance policy at renewal time to your mortgage company and to notify them of any endorsements or changes in coverage. They may Notice it if they review your policy.
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.
Which is the most popular mortgage insurance company in the UK?
The most popular mortgage insurance company in the United Kingdom is Genworth. They are a Fortune 500 company which also operates worldwide in over 25 countries.
What telephone number do you ring to make a home insurance claim?
there are a few different numbers you should contact depending on your situation. I would begin by contacting your agent/company, they will get you started, and will likely be able to provide you with the most accurate information for your situation. Then, if you have a mortgage on the home, you should contact your mortgage company's claims department. This department will work with your insurance company to verify that the appropriate repairs are completed.
What is mortage insurance?
The term Mortgage Insurance can mean different things to different people and in a variety of situations. I have heard it refer to life insurance designed to pay off a mortgage balance due to death of an insured person. another type of Mortgage Insurance is products such a PMI, which indemnifies a bank or mortgage company in the case of a default on a mortgage loan. In this type of mortgage insurance the person who takes out the loan pays the premiums through their house payments, but will not receive any benefit from the insurance as the only one who gets paid is the bank or mortgage company. The insurance company can then still come after the borrower for the amount of their loss.
Can an insurance agency have financial interest in mortgage company?
Usually yes because an insurance agency does not issue the insurance, it sells or brokers an insurance contract that is issued by an insurance. However some insurances do not like it when there is a controlling interest in a mortgage company. It all depends.
