Your Questions About Check My Mortgage

Lisa asks…

Will my insurance settlement check come in mine AND my mortgage companies name?

I have home insurance and damage happened in my home due to a fire. I’m pretty sure the check is going to come in mine as well we my mortgage companies name. I can’t cash it without my mortgage companies approval. So, what steps must I take in order to get this check cashed? I already have a contractor in mind, and an estimate by this contractor. Any help is appreciated.

admin answers:

Yes, if you have a lender, it will be in both names.

You cannot ‘cash’ this check. That’s what the mortgagee clause says, and it prevents you from taking the money and running, and not getting the repairs done.

One alternative, is signing a direction of pay statement, and having your insurance company pay the contractor directly.

Sandra asks…

insurance claim check made out to me and the mortgage company?

Recently my home was damaged by an A/C water leak and now that insurance has made the check, my name and my mortgage companies name is on it…I have to endorse it and mail to them and they told me they will send the first third of the amount, then when we are 33 % done they will get an inspector to come see and then send the 2nd third of the amount and when we are 95% done again get the inspector out and they will release the final third amount of the check to me.
My question is this we have a great friend who is a contractor , he is charging us almost 10 grand LESS than the insurance company gave us, what happens to the money? Do I HAVE TO SPEND IT on the house? We are getting more done for a lot less than the insurance settlement….but can I get in trouble if I DONT use it on the house? According to the mortgage company the three checks will be made out to my name and the subcontractor, but if he is charging me less how do i get the rest of the money?

admin answers:

Yep, that’s exactly how it works.

You get the work done, have your contractor friend sign off on it, send in the photos, allow an inspection if the mortgage company wants it, and they release the full amount over to you.

Your contractor friend, will happily sign off on the extra amount, so you BOTH get money.

Ken asks…

Is it a felony to collect rent checks and not pay the mortgage?

I gave 3 houses we owned in Arizona to my ex in the divorce decree back in August. Right after the divorce she stopped paying the mortgages on the houses yet continued to collect the rent checks from the renters. She never refinanced the houses into her name (they were in both of our names) and my credit score has suffered big time. She is letting the homes go into foreclosure.

Do I have any legal recourse here? Also, has anyone ever gotten their credit restored due to a similar situation by using a divorce decree to restore the credit?

Thanks,

Randy

admin answers:

No, it is not illegal to do what she is doing.

It would appear you have a very sloppily written divorce decree, if you remain on the mortgage for homes you no longer own. Your agreement should have specified that the refinancing be done prior to her taking possession, and YOU should have made sure it happened.

Receiving of rent has nothing to do with paying of mortgages.

Donald asks…

When will I get my check? I need to pay my mortgage.?

admin answers:

I am thoroughly confused. Can you enlighten me? I’m assuming you’re referring to Obama but I don’t know of any policy or plan that he had to hand out checks. THAT socialist treat was under a Republican leader.

Funny how it looks when you think of it that way, huh?

Mark asks…

Why did her home insurance agent charge her a fee ?

My sister’s home insurance agent charged her a fee for the check she sent in. Why did he charge her? He was charged because he was on the phone trying to get a check from her mortgage company. Should he have done that?
Her check did NOT bounce. Her check was in escrow from the mortgage company but he had to wait because they would not send the check right away.

admin answers:

Some states allow insurance agents to charge a fee in addition to the commission they receive from the insurance company. Any broker or agent charging a lawful fee must disclose all material facts related to the service and obtain the consumer’s consent in advance. Your sister may have signed such a disclosure when she applied for the homeowners policy.

May be time to find a new agent that does not add service fees.

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