Question
What is the name of your state? Mississippi
My Insurance claim check is made out to me and my Mortgage company, my mortgage company says I have to give them the check and them disburse it in three payments as work is completed. My question is, my home is worth approximately $ 165,000 dollars, My exsisting mortgage is approximately $ 68,000 dollars. My insurance settlement for damage is approximately $ 20,000 dollars. My question is why should the mortgage company get use of the money while I'm repairing my home, when I'm the majority equity holder in the property. Can I not just do a Deposit Only on the check into my account and dispurse the money as the work is done. Plus, some the the repair work will be done by myself and no contractor involved.
Answer
make up a work order for it with material and comparable labor costs and submit it to the mortgage company. I am not sure about the check as when I submited a claim on my home in Michigan the insurance company sent me the check in my name only.
Answer
Same thing happened to me and I just deposited the checks (I got 2) in my bank account. The bank took it without the mortgage company's signature. Not sure if this was legal but I spent the money on repairs and have never heard a word from the mortgage company.