2 Party Check

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Posted: Tue Nov 18, 2008 11:33 pm Post subject: 2 Party Check

Hello Everyone, My mom received a check from insurance co. for roof damage from hurricane ike, but check was made out to mom & mortgage co. & bank refused deposit. How do I get this resolved w/o her mailing the check(substancial) to Oklahoma and entrusting them to promptly mail it back?

willie2joshua

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Joined: 18 Nov 2008
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Posted: Wed Nov 19, 2008 1:14 am Post subject:

Bottom line, if their name is on the check, they need to sign it. So unless they have a local branch... They will probably require some confirmation that the work has been done.

tcope

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Location: Salt Lake City, UT
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Posted: Wed Nov 19, 2008 1:27 am Post subject:

Willie just have Mom contact her mortgage company and ask how they would like to handle this...more times than not they will release half of the money then upon proof the work was done, release the other portion, but all mortgage companys are different...they own the home, so they must be protected on the draft, to insured that the structure is repaired... _________________ "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.

Lori

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Posted: Wed Nov 19, 2008 6:55 am Post subject:

When the check is addressed to both the homeowner and the mortgagor the bank will to accept the check till its nit signed by both the parties. Tcope and lori both have given you the right suggestion, inform the mortgage holder. Probably, there is no other way available to resolve this issue. ~Jeremy