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 Posted: Wed Mar 04, 2009 5:32 pm Post subject: insurance check after a fire |
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We recently suffered a house fire and have just been notified that the insurance check for the dwelling portion of the claim has been mailed to us. It is written to myself and also the mortgage company. What do I have to do with this check now?
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debbwebster 1
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| Posted: Wed Mar 04, 2009 7:42 pm Post subject: |
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Contact your mortgage company and discuss with them what their process is...it will depend if it was a total burn, or repairable...call them and they will let you know.
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Lori
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| Posted: Thu Mar 05, 2009 1:37 am Post subject: |
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| If it is repairable don't they usually have the repairs done? I would imagine they would work with the poster and get the house repaired since they have an invested interest in the house. |
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fireyone
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| Posted: Thu Mar 05, 2009 4:41 am Post subject: |
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| Yes call them. The mortgage company will need to sign the check. If you mortgage company is not local you will most likely have to overnight it them. The rest really depends on them and the size of the loss. Normally the mortgage company will hold a portion of the check until repairs are completed and will sometimes conduct their own inspection to make sure repairs are being made and made correctly. If it is a small loss they will also sometimes send the full amount. |
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Dasfuk
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| Posted: Thu Mar 05, 2009 6:10 am Post subject: |
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Since the claim check contains the name of the mortgage company, you can’t cash-in the check alone. Hence, its evident you have to involve the bank in this issue. At times the financier may release only a portion of the claim amount before the repair work begins and the rest after the work is done. Contact them and know their method.
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Charlie'sgal
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| Posted: Fri Mar 06, 2009 11:53 am Post subject: |
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| Wouldn't the insuracne company issuing the check require the bank or martgage company to be notified in the beginning at the time of the fire? Just a question. I have heard of them doing as Charlies gal listed but when the job is doem all the funds would then be released to pay off the repirs. |
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fireyone
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| Posted: Fri Mar 06, 2009 2:51 pm Post subject: |
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| Quote: | | Wouldn't the insuracne company issuing the check require the bank or martgage company to be notified in the beginning at the time of the fire? |
no i've never done that in my entire career.
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Lori
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| Posted: Sat Mar 07, 2009 1:12 am Post subject: |
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| So then it is up to the owner to inform the bank if anything like this happens? I guess they would find out one way or the other once a check was issued in their name and thier mortgage holders. |
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fireyone
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| Posted: Sat Mar 07, 2009 10:01 pm Post subject: |
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| I don't know now a days, but I did run into some companies in the past that would suspend your mortgage payment for a few months. Not real sure if they are going to do that now. |
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Dasfuk
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| Posted: Sat Mar 07, 2009 10:12 pm Post subject: |
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| Quote: | | I guess they would find out one way or the other once a check was issued in their name and thier mortgage holders. |
there you go...
Das...never heard of it, but would be a great gesture, course the mort. company will make more interest that way and just tack a couple of months on at the end....kind of like when they send a letter wanting to know if you want to 'skip' your december payment for 25 bucks...  different story with a home though, imo would be a terrific show of good faith on the mortgage companys part.
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Sun Mar 22, 2009 4:17 am Post subject: |
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| first of all, call the mortgage company and see what they say about the insurance check. then you could discuss with them how to carry out the procedures from there, depending on the severity of property loss due to the fire. i guess thats the only thing you can do for now. |
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seven7
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