It’s b
ad enough that you suffered a loss to your home. You have waited months to get a payment from your insurance carrier. Now that the check has finally come, your mortgage company is listed on it. The reason why this happens is because the mortgage company has interest in your property. They want to make sure that the money that the insurance company has paid you, is being applied to your repairs. You will have to contact your mortgage company directly and ask to speak to a loss draft specialist. The specialist will provide you with a claim package. In this claim package you will need to provide the mortgage company with the insurance adjusters summary showing the breakdown of the settlement you received. You will also need to provide them with the contractors information along with their conditional waiver of lien, invoice, and W9 so that the mortgage company can issue a payment directly to the contractor. Once the contractors have been paid in full, then the mortgage company will release any remaining funds to you. Depending on the status of your loan, each mortgage company might do this process slightly different. Some companies will just sign off on the check and give it back to you and some will hold it and disburse 1/3’s. The mortgage process if extremely time consuming and delays an insured with getting their repairs complete. Before you begin this tedious process with your mortgage company, contact All American Public Adjusters, Inc to advise and assist you. If your documentation is filled out incorrectly or if you do not have the proper estimate, your claim check will be significantly delayed.
Do you think its fair for a mortgage company to hold onto your settlement check?
Have you ever had a good/bad experience with your mortgage company?
All American Public Adjusters, Inc have the expertise and knowledge with claim processing. We can guide you in the right direction. Let us know what you experienced and let’s work together to resolve these issues. Call us today!
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