Our insurance check is made payable to me and my mortgage company, how do I cash it?

Answer 1

Every mortgage company has a person or department in charge of loss drafts. Contact them and they'll tell you what to do.

If it's a major loss, they'll hold the money in escrow and pay contractors in draws to complete the work that the money is intended for.

If it's a small loss, they may tell you to just cash the check or take it to a local branch for endorsement and cashing.

Answer 2

Call your mortgage company. Let them know you have a check from the insurance company and their name is on it. They will probably direct you to a special insurance department that handles these checks. The insurance department will tell you what to do to get the check endorsed by them.

It is standard to put a mortgage company on an insurance check so the mortgage company will not be surprised when you call.

Answer 3

Well, the truth is that all mortgage companies handle it a little differently. All you can do, is to call your mortgae company and ask their assistance in getting the check endorsed. Some will want to hold it and give draws to the contractors doing the repairs and others will just tell you how to get it endorsed. I am sure that the amount of the check will determine their answer too.

Answer 4

YOU don't cash it - the mortgage company has to be paid first

Answer 5

First, your mortgage company has to sign off on it - they're going to want you to fix the damage to the house before they sign.

Answer 6

Hi there!

You've nothing to do.Insurance companies always issue account payee checks to creditors as long as you have certain liability.You can have the check in your name when you get N.O.C from mortgage company. and submit it to insurer.