10-14-2008, 09:16 PM
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Home Insurance Check made out to myself &
mortgage holder? My home was damaged in a Hurricane Ike, I had estimates done and the insurance adjuster came out. I just recieved the insurance check and it is made out to both myself and my mortage company. Can I deposit this check into my bank account? I need to get my roof fixed before it rains again, because it is raining into my house!!!!
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10-14-2008, 09:17 PM
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No, you can't. You'll have to sign off on it, and turn it to the mortgage company. They'll release funds and pay your contractor in steps, as the work is completed.This is so you get ALL the work done, and that means, you also have to pay your deductible.The way around this, is to ask your adjuster to write the check directly to the contractor.
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10-14-2008, 10:56 PM
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No, you cannot deposit it into your account. The mortgage company has an interest in your house until you pay it off, so that is why they are listed on the check. If you bank is local, go down to the bank and ask if someone there can sign off on it. If it is not local, you have to mail it to the bank and wait for them to send it back to you. Then you can cash it.
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