by Goodyearc » Tue Feb 18, 2014 03:54 pm
1) tree fell on home
2) adjuster came and said one side of home could be sided and sent a check made out to us and mortgage company
3) we do not want to side just one side the damage is not noticeable
4) mortgage company will not sign check since we don't want work done
5) aren't we entitled to that money even if we do not do work?
2) adjuster came and said one side of home could be sided and sent a check made out to us and mortgage company
3) we do not want to side just one side the damage is not noticeable
4) mortgage company will not sign check since we don't want work done
5) aren't we entitled to that money even if we do not do work?
Posted: Wed Feb 19, 2014 12:59 am Post Subject:
The insurance company has a legal obligation to protect the lien holders interest in the property, hence the second name on the check. The lien holder has the right to obligate you to maintain the collateral (your home) in good condition, hence their right to apply the insurance check to the damages to the home.
So no, you cannot just keep the check. At best you might be able to ask the lien holder if they would instead apply that money to your loan. I've never heard of it being done but you could ask.
Add your comment