Can my mortgage company hold my insurance check?

Can my mortgage company hold my insurance check?

Can my mortgage company hold my insurance claim check? Yes. Your mortgage company has a financial interest in making sure the necessary repairs are done. The lender will often keep the insurance check and release funds in installments as repair progresses.

Can I cash an insurance check made out to me and my mortgage company?

This is standard industry practice. Your mortgage company will also be listed on the check. Your bank won’t cash the check without the signature of everyone involved. You’ll need to endorse the check and send it to your mortgage company. May 17, 2019

Can you use insurance money to pay off mortgage?

Can I use the insurance funds from a property damage claim to pay off my mortgage? Yes, if the claim amount exceeds the amount required to pay the mortgage in full.