How can I get mortgage company to endorse insurance check before work is done?
April 23, 2009 by admin
Filed under Questions and Answers
Susan D asked:
I have a check from my insurance company for hurricane damage. My mortgage company will not endorse the check until the work is done. I need the money to get the work done. How can I get the mortgage company to endorse the check ?
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I have a check from my insurance company for hurricane damage. My mortgage company will not endorse the check until the work is done. I need the money to get the work done. How can I get the mortgage company to endorse the check ?
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mbrcatz on Sat, 25th Apr 2009 3:54 pm
You can’t. But you could have your adjuster reissue the check directly to the contractor.
Any contractor should be willing to work with you on this – you’ll likely have to pay them your deductible, directly, but most REAL contractors that don’t scam you, should be willing to take payments as the job completes.
Dale H on Tue, 28th Apr 2009 5:48 am
Perhaps your contractor can take installment payments. Can you advance them 30% to get the materials and get started? I would ask your mortgage company for a different answer too. Perhaps they could put the check in to an escrow account and disburse part of it to the contractor.
Our policy varies depending on the extent of the work to be completed and the loan to value among other factors. Be persistent. You will find a way to make it work.
Good luck.