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?
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... _________________ **************************************
Life gaurantees a chance NOT a fair shake
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FIND a way EVERY day to lighten the load of another
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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.
