Property Insurance Check
If you are a homeowner and you had something go wrong with your property, and you are entitled to get an insurance check you might have some problems cashing your insurance check on your own.
Large insurance check are intended to be cashed by your mortgage company, not by you, but you do need to sign the check.
You will get your home fixed, but it is not as clear cut as you might think it will be.
Anything could happen to require you to need mortgage insurance help.
Your insurance company will send out an appraiser to assess the damage done to your property.
The appraiser will report the damages back to your insurance company.
Your home insurance company will determine what to pay for the damage to your home, and cut you a check to cover those damages.
The check being sent out to you if it is large enough, has to be endorsed by both you and your mortgage company.
You might sign the check and send it off to be quickly signed by your mortgage company, and wait on the check to return from your mortgage company.
Regardless, the simple truth is this, your mortgage company will not sign a large check directly over to a homeowner just like that, only if it is a small check, or if you have already repaired your home.
They work with your mortgage insurance company, you lender will allocate the payment to you for the repairs to be done on your property.
Now if you have completed the repairs out of your pocket, you will need to provide proof of this to your mortgage company before they release the funds to you.
Most of the time they will release the insurance check in portions based on the amount of work that is being completed.
Do not just think that because your have $30,000 in house damages they are going to release a $30,000 check to your to spend at your own discretion to repairing your home.
That does not happen.
There has been cases where homeowner before you had received large insurance checks, they skip repairing their home, and pocket these checks for their personal consumption; or they have relatives, friends or certain contractors repair their property which is not done professionally, and they pocket the rest of the money.
Just be aware that you benefiting from property insurance checks is not intended to be so by your mortgage company or insurance company, insurance is to repair your property when needed.
Large insurance check are intended to be cashed by your mortgage company, not by you, but you do need to sign the check.
You will get your home fixed, but it is not as clear cut as you might think it will be.
Anything could happen to require you to need mortgage insurance help.
Your insurance company will send out an appraiser to assess the damage done to your property.
The appraiser will report the damages back to your insurance company.
Your home insurance company will determine what to pay for the damage to your home, and cut you a check to cover those damages.
The check being sent out to you if it is large enough, has to be endorsed by both you and your mortgage company.
You might sign the check and send it off to be quickly signed by your mortgage company, and wait on the check to return from your mortgage company.
Regardless, the simple truth is this, your mortgage company will not sign a large check directly over to a homeowner just like that, only if it is a small check, or if you have already repaired your home.
They work with your mortgage insurance company, you lender will allocate the payment to you for the repairs to be done on your property.
Now if you have completed the repairs out of your pocket, you will need to provide proof of this to your mortgage company before they release the funds to you.
Most of the time they will release the insurance check in portions based on the amount of work that is being completed.
Do not just think that because your have $30,000 in house damages they are going to release a $30,000 check to your to spend at your own discretion to repairing your home.
That does not happen.
There has been cases where homeowner before you had received large insurance checks, they skip repairing their home, and pocket these checks for their personal consumption; or they have relatives, friends or certain contractors repair their property which is not done professionally, and they pocket the rest of the money.
Just be aware that you benefiting from property insurance checks is not intended to be so by your mortgage company or insurance company, insurance is to repair your property when needed.