2007-02-20 09:13:32 · 6 answers · asked by Nicole T 1 in Business & Finance ➔ Insurance
Legally the mortgage company is a co-owner of the property and as such they are automatically included as a payee for any claim for damages to the building. Don't bother to ask the insurance company to reissue the check in your name. That is a waste of your time. They can't do it.
You are going to need to involve the mortgage in the claim and actually get the repairs done. If you don't it's not likely that the mortgage company will sign off on the check without at the very least seeing a signed contract between you and a legit contractor for the repairs. Call the mortgage and see what their procedures are.
This is done to protect the value of the building. The mortgage company does not want the policyholder to cash the check and not repair the building as that lowers the value.
2007-02-20 16:16:57 · answer #1 · answered by fighting saints 6 · 1⤊ 0⤋
If it's made out to both parties, you can't cash it without the mortgage company signing it.
2007-02-20 17:21:16 · answer #2 · answered by missingora 7 · 1⤊ 0⤋
You will have to get the mortgage company to endorse it before you can cash it.
2007-02-20 17:55:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Contact the issuer and find out if you can have the check re-issued in just your name. Or you can contact your mortgage company to see if they will sign and release the check to you. Depending on your loss, there might be legal implications which is why it is both your names.
2007-02-20 17:52:55 · answer #4 · answered by shadow_runnr 3 · 0⤊ 2⤋
you have to get the mortgage company to endorse it before you can cash it.
2007-02-20 17:16:56 · answer #5 · answered by Dizney 5 · 2⤊ 0⤋
If it is made out to both of you; the mortgage company has to endorse it. contact your insurance agent and ask why it was made out to both and if it is necessary for the mortgage company to be on it? if not - as for a new check.
2007-02-20 17:17:50 · answer #6 · answered by Darlin1_66 3 · 0⤊ 4⤋