TUESDAY, SEPTEMBER 29, 2015
My check is made out to me and my mortgage company. Why is that and what should I do to ensure I receive my money?
If you have a mortgage (or other similar lien) on your property, the mortgage company (or lien holder) has a financial interest in your property. Your insurance policy requires us to protect their interest by including them on any payments made to you for damage to your home or other structures. Your mortgage company may require you to provide documentation confirming that repairs have been made before endorsing these payments to you, or it may choose to hold the payments in escrow until repairs have been completed. Each mortgage company has its own requirements, and it may take time for you to complete these requirements. To minimize any potential delays, you should contact your mortgage company as soon as possible to determine what steps you need to take before they can endorse the check and release the payment to you. Their contact information should be located on your monthly mortgage statement or payment book.
Posted 12:46 PM