answersLogoWhite

0


Best Answer

By providing them with proof that you have already made all repairs.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How do you get your mortgage company to endorse an insurance check if your house?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How do you cash check from homeowner insurance claim that includes mortgage company?

Endorse the check & send it to your Mortgage company. They will decide how much you get from it.


Do you endorse your insurance claim check before you send it to the mortgage company for them to endorse?

You need to call your lender and inquire about its procedure.


Insurance paid for water damage Check payable to us and PHH. How does PHH endorse check so we can begin repairs?

I assume PHH is your Mortgage company. They will not endorse the check until the work is done. If they endorse it you could spend the money and never have the repairs done. The way to fix this issue is to have the insurance company make out the check to you and the contractor of your choice and you. This guarantees the work is done and protects the mortgagee. There are several laws demanding protection for banks and mortgagees in these cases so the insurance carrier has to be sure the work is done. Another alternative is to pay for it yourself, provide proof of the repairs and proof you paid, then PHH will endorse the check to you afterward.


What is a loss draft check?

When a homeowner has damages that occur to the home due to a natural disaster or other mishaps such as a fire or hail. The homeowner makes a claim with their insurance company. The insurance company will include the mortgage companies name on the check due to the mortgage companies vested interest in the property. If certain criteria are met, the mortgage company will "monitor" or supervise the repairs on the home to make sure that the repairs are done correctly and in a timely manner. The mortgage company will ask the borrower to endorse the claim check and send it in to the Loss Draft Department. The check will then be held in an escrow account. After certain criteria are met the mortgage company will start to disperse the claim check in portions so that that the repairs can be done. These portions are called loss draft checks or loss draft draws.


If a check for hail damage from the insurance company is made out to you and the mortgage company can you use the money for a purpose other than repairing the damage?

It is unlikely that the mortgage company is going to endorse the check until you present an invoice for the work done on the house. In the end, it is wiser to take care of the roof since it needs repair. Honestly, fix the roof and save for the big screen TV. Even if you do the work yourself, you will have to show that the work has been done.


How do you deposit a check made out to a person and a company?

i need to endorse the check with both the company and my name on it


When you file a Homeowners insurance claim does insurance company cut check to you or your mortgage company?

It depends on the language of the policy. Some cut a check directly to you if the claim is under a certain monetary amount. But usually according to you escrow documents, the contract says the bank will need to be put on the check. If they cut a check to you mortgage company you name will also be included on the check and they will mail the check to you. The insurance does this for many reasons, but one is, let's say you foreclose on the home and keep the insurance money; the bank will make a claim to the insurance because the bank owns the home too and they are listed as a payee as well as you. The insurance will have to pay the claim twice due to their error.


How do you get your mortgage company to endorse an insurance check if your house is in foreclosure?

I would hope they wouldn't! If your house is being taken away because you are not paing them back, they are owed the money, not you. A bank would not assist in that theft of money. I would believe that there would be criminal issues involved if you cashed that check anyway. Their name is on the check for a reason, they are protecting their money that is not being paid back.


Which mortgage company would receive a check that was issued for hurricance damage during a refinancing?

These types of checks are often given directly to a mortgage company - to ensure that the work is done and the damages are fixed. The check would most likely be issued to the mortgage company that the insurance company has on file. It will be up to you to keep your agent or insurer informed of the details regarding the refinancing.


If i am are six months late on my mortagage and I receive a insurance check for a roof leak can the mortgage company keep your check since the check came in my name and the mortgage company?

As far as I know they shouldn't be allowed to. They are on the policy in case your house becomes a total loss and the insurer then uses the settlement money to pay back the whole mortgage. Query your insurer.


How do you know if your mortgage will be paid off if you die?

You check to see if you purchased mortgage insurance.


Does homeowners insurance pay off your mortgage if the house is lost?

Homeowners Insurance and Total Loss.It all depends on what type of coverage you have. If you have replacement coverage, The insurance will pay to rebuild your house so your mortgage continues as usual. If you are not rebuilding then it will pay your mortgage within policy limits. So it is important that you have adequate coverage on your policy.If your not rebuilding, the insurance company will generally pay the Mortgage Company first before any remaining money is disbursed to the home buyer. Usually the check is issued with both the buyer and the mortgage company as payees. You must however continue to make your monthly mortgage payment until the insurance settlement comes through. If you miss monthly payments you can wreck your credit just when you need it most.You usually will not need to pay off the mortgage yourself. The check is issued to you and the company. You send it into them, they sign off on it and send it back to you. You then endorse it to pay the contractor to keep building your new home. Meanwhile, you keep paying your mortgage. The mortgagee is only listed on the policy so they are notified if the policy is canceled so they can force place coverage on the policy because they have an insurable interest.You have the OPTION of paying it off and taking out a new mortgage to build a new home with whatever you have left over or whatever you can afford with that new mortgage.