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The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
A partial payment.
Endorse the check & send it to your Mortgage company. They will decide how much you get from it.
The Health Insurance Claim Form
Typical term policies in mortgage insurance include terms on the homeowners out of pocket deductible before a claim can be paid out by an insurance company. Also it will often list what is covered and what is not. Flood insurance is not typically covered and costs extra.
A crossover claim is the transfer of claim data from Medicare to those of another relevant insurer, private or public. The recipient of the information might be Medicaid, a state agency or a private insurance company.
You must be making the payments to claim the interest. However, if you are not on the mortgage there could be an issue.
You need to call your lender and inquire about its procedure.
If your home is in foreclosure then yes they apply it to the loan balance in the event you loose your home.
Private mortgage insurance or PMI is insurance to protect the lender if the home is foreclosed upon and there is a deficiency. That deficiency is paid by the insurance company. It would not appear to have an effect on the foreclosure proceeding, just on your liability for a deficiency. However it is to your advantage also to have MI if your house goes into foreclosure. Not only do they pay the lender and cure a portion of the definciency, but often they get involved up front and try to work with the borrower and lender both to avert the foreclosure. That way they are paying a lower claim and the borrower gets to keep their house. I've even heard of the insurance company helping the borrower get short term loans, renegotiate the mortgage or helping them find a buyer.
If you are talking about PMI (Private Mortgage Insurance for those who put less than 20% down on their purchase), that should be deductible if the mortgage originated in 2007 or later. If you are talking about homeowner's insurance (fire, burglary, liability), that is never deductible for your personal residence no matter who placed it. If it is a business or investment property, it would be deductible like any other business/investment expense.
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.