Its part of the contract as both parties have an investment (interest) in the property
Endorse the check & send it to your Mortgage company. They will decide how much you get from it.
By providing them with proof that you have already made all repairs.
You check to see if you purchased mortgage insurance.
If your name is on it and you have not signed it then they can not legally cash the check. I've seen someone from the mortgsge co forge the homeowners name to cash it before though.
One way is to check with the lender. Most lenders have affiliations with mortgage life insurance companies to provide this service and in most cases the insurance premium is included in the mortgage payment.
Endorse the check & send it to your Mortgage company. They will decide how much you get from it.
By providing them with proof that you have already made all 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.
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.
You need to call your lender and inquire about its procedure.
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.
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.
You check to see if you purchased mortgage insurance.
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 business is a dba who do you write the check pyable to
If your name is on it and you have not signed it then they can not legally cash the check. I've seen someone from the mortgsge co forge the homeowners name to cash it before though.
One way is to check with the lender. Most lenders have affiliations with mortgage life insurance companies to provide this service and in most cases the insurance premium is included in the mortgage payment.