How To Cash Insurance Check With Mortgage Company

How to Cash Insurance Check without Mortgage Company Expert Guide from proinsuranceinfo.com

Over the past few years, natural disasters have become more frequent and devastating. When your home is damaged or destroyed by a natural calamity, you can file an insurance claim. However, if you have a mortgage on your home, the insurance check will most likely be made out to both you and your mortgage company. In this article, we will discuss how to cash insurance checks with mortgage companies.

Step-By-Step Guide To Cashing Insurance Check With Mortgage Company

When you receive an insurance check that is made out to both you and your mortgage company, you cannot simply deposit the check into your account. Here's what you need to do to cash the insurance check:

Step 1: Endorse the check

The first step is to endorse the insurance check. You will need to sign the back of the check and write "Pay to the order of [mortgage company name]" followed by your signature.

Step 2: Send the check to your mortgage company

After you endorse the check, you will need to send it to your mortgage company along with a letter that explains why you are sending the check. Make sure to include your loan number and contact information in the letter.

Step 3: Wait for the mortgage company to process the check

Once your mortgage company receives the insurance check, they will need to process it before they can release any funds to you. This process can take up to 30 days, so be patient.

What Happens If You Don't Cash The Insurance Check With Your Mortgage Company?

If you don't follow the steps to cash the insurance check with your mortgage company, they may refuse to release any funds to you. This can cause significant delays in getting your home repaired or rebuilt after a natural disaster.

Other Important Things To Know About Cashing Insurance Checks With Mortgage Companies

1. You may need to provide documentation

Your mortgage company may require documentation such as estimates from contractors or receipts for repairs before they release funds to you.

2. Your mortgage company may pay the contractors directly

In some cases, your mortgage company may pay the contractors directly for the repairs rather than releasing funds to you.

3. You may need to pay a fee

Some mortgage companies charge a fee for processing insurance checks. Make sure to check with your mortgage company to find out if there are any fees.

4. Stay in communication with your mortgage company

Make sure to stay in communication with your mortgage company throughout the process to avoid any delays in getting your home repaired or rebuilt. In conclusion, cashing insurance checks with mortgage companies can be a complex process. However, by following the steps outlined in this article and staying in communication with your mortgage company, you can ensure that you receive the funds you need to repair or rebuild your home after a natural disaster.

Step 1	Endorse the insurance check by signing the back and writing "Pay to the order of [mortgage company name]" followed by your signature.
Step 2	Send the endorsed check to your mortgage company along with a letter explaining why you are sending the check.
Step 3	Wait for the mortgage company to process the check, which can take up to 30 days.
Important Things To Know	Provide documentation, your mortgage company may pay contractors directly, you may need to pay a fee, and stay in communication with your mortgage company.

Source: proinsuranceinfo.com