Insurance Claim Check To Mortgage
As the mortgage servicer the lender is listed on your homeowners insurance policy and on insurance claim checks because we have a security interest in the property and need to make sure the property is restored to its original or better condition or value.
Insurance claim check to mortgage. Why is my insurance claim check made out to me my mortgage company. Lenders want to make sure they re fully aware of any insurance payouts taking place on their properties. During the settlement and negotiation phase of a typical first party property insurance case the main objective for both parties is to determine the value of the claim and reach a settlement agreement after settlement of their claim many homeowners are surprised to learn that once they receive a settlement check their insurance company will include their mortgage. For many companies the cutoff is around 10 000 dollars.
Why is my insurance claim check also made payable to my bank. Insurance companies don t deliberately set out to make your life more difficult. If the insurance claim is less than 15 000 and the loan is current the servicer usually endorses the check and releases the funds to the homeowner with minimal documentation such as a photo id and a copy of the insurance adjuster s worksheet. This feature enables your lender to ensure that these funds are used to make necessary repairs.
Why is my insurance claim check made out to me my mortgage company. They want to be included on the check to ensure this happens. The reason that this happens is because the mortgage company is part owner in the house and they have an interest in making sure you take care of it. When you buy a home using a mortgage loan your lender receives a security interest in your home.
They re required by the mortgage company to include them on the check for repairs. If the repairs are cheaper than that the check will not need endorsement from the mortgage company but if they cost more the check will. By cynthia myers reviewed by alicia bodine certified ramsey solutions master financial coach updated may 23 2019 when you have a mortgage on a home you may think of the house as yours but your mortgage company also has a substantial interest in your property.
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