2007-06-15 03:13:37 · 9 answers · asked by d t 2 in Business & Finance ➔ Insurance
This is normal practice. Contact your mortgage company, they will know exactly what to do. They do this all of the time (and each has a different method to handle it).
They do this because if you spend the money and don't repair the house, the mortgage company can come along and force them to pay again.
2007-06-15 03:46:53 · answer #1 · answered by Phil 5 · 2⤊ 0⤋
You don't deposit it. You have to get a signature or other release from the mortgage firm/lender. Why do they do this ? As an example, let's say you suffered $10,000 damage from a storm and the insurer pays you ONLY. There have been folks who have spent the $10K frivolously, not gotten the home repaired, and then headed for foreclosure, leaving the now damaged home for the lender. You do not say how much the check is for. If it is a small amount, you could probably send it in as part of your next mortgage payment. If it's a large amount, the lender will take the check, and find a way to guarantee to themselves that the money is being used to effect the repair on the property.
2007-06-15 03:21:28 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
Take it to your bank and speak with a teller or personal banker. The bank will have to call the insurance company and provide some information and get permission to deposit/cash the check. You do not need to have your mortgage company endorse the check with you. Your bank will know how to handle the situation. I used to work for Wells Fargo and I had to do this all the time.
2007-06-15 03:22:55 · answer #3 · answered by Sondra 2 · 0⤊ 0⤋
The mortgage company has to sign off on it - which means, they're going to want to make sure you get the repairs done on the building.
Alternatively, you can have the insurance company pay the contractor directly.
You cannot pocket the money without the mortgage company's knowledge - because THEY have an interest in your house, too, and in it being repaired.
2007-06-15 07:38:58 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
the reason it did no longer get deposited is that the economic enterprise did no longer understand the call on the verify did you recommend the verify with the aid of signing your actual call on the returned of the verify or did your sign it with the aid of the nickname this is on the verify. The economic enterprise will carry for a era of 10 days. you will might desire to bypass to the economic enterprise on Monday and clarify to the dept supervisor that the verify grew to become into sent on your place (desire you probably did no longer throw out the envelope that it got here in) at the same time with your handle on it and tutor some identity that has an identical handle and tell them that the call on the verify is your nickname and in case you should take a be certain with you so as that they are able to be advantageous that the call on the verify is rather your nickname
2016-12-13 03:39:09 · answer #5 · answered by eatough 4 · 0⤊ 0⤋
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RE :My claim check from my homeowner' insurance co. put my name and the mortgage name. how do i deposit the check?
Follow 8 answers
2017-03-25 15:41:06 · answer #6 · answered by ? 6 · 0⤊ 0⤋
You have to get somebody from your mortgage company to endorse it. It has to have two signatures on the back b/4 you can cash it.
2007-06-15 03:20:21 · answer #7 · answered by D 3 · 1⤊ 0⤋
If it has your name on it then you can just deposit it into your bank account.
2007-06-15 03:16:17 · answer #8 · answered by my 1st has arrived 5 · 0⤊ 3⤋
Send it to them and ask that they endorse it to you.
2007-06-15 03:24:09 · answer #9 · answered by Anonymous · 0⤊ 1⤋