I received an insurance check made out to me and the mortgage co. I need to cash it. what can i do?

Answer 1

Well, you bring it to the mortgage company to sign off on it, and you have to prove to them that the work is substantially done before they will. Bring photos and contracts with the repair people.

Answer 2

Ideally, you need an agent of the company to endorse the check so you can do the same and then deposit it wherever. You really should just check with the mortgage company. Depending on how the insurance is setup and what it's paying for, they might get the bulk of it (e.g. if you're replacing a house that was destroyed, they might get their money first to pay off the remainder of the mortgage you owe them and you get the difference, if any). If the check is to fix/repair a portion of some property, it's likely the mortgage company won't need to touch the money...but you'll still need to get them to endorse the check somehow.

Answer 3

You need to have the mortgage company stamp an endorsement on the back. If not, the check will bounce. If you have to do this through the mail, just be sure you don't sign it first. Also, after you've got both endorsements, the bank may have you deposit the check and wait for it to clear before giving you cash. Insurance claim checks are notorious in the banking industry for coming back unpaid.

Answer 4

The mortgage company would have to countersign. Since the mortgage company is part owner (of a house, I'm assuming?) they would need to approve the payment. If you are making regular, on-time, payments, then there should be no problem and they will be more than willing to countersign. Go see your loan officer. Unless the check is for some major destruction to the house, in which case they will probably want to know how it affects the overall value of the house (and in this case, the value of their loan to you.)

Answer 5

deposit it into the bank