Can a Mortgage Company hold your insurance check for the repair of your building?
Written By: admin on May 25, 2009
One Comment
My building suffered hurt with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can't end the repairs needed. My mortgage payments are up to date.
The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?
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Tags: depreciation, hail storm, insurance, insurance company, mortgage company, Mortgage or Home Loans, mortgage paymentsTags: depreciation, hail storm, insurance, insurance company, mortgage company, mortgage payments
Question the mortgage company if they'll release the funds directly to your contractor.
OTOH, MOST contractors will do the work, and THEN let you pay . . .
But yes, they can do that.