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What Gives My Mortgage Company the Right to Hold My Insurance Claim Check?

The Escrow Department will likely be the same department that will cash and hold your insurance claims check. Don’t be surprised if your bank/lender actually place a hold on the check for up to five business days due to the protential for fraud given the number of mass losses that have occurred recently.

Insurance Claims: Nightmare’s await Homeowners

Your home has been damaged by a tornado, flood, a tree fell on it in the recent Hurricane. Or as in my case when Mrs. Cobos  left the water in the upstairs bathroom running and flooded the second floor causing water to seep through to the ceiling below.

Tree Falls on House and Destroys it - Storm Damage - Raleigh North Carolina 2011
Storm Damage from April 16th Tornado in Raleigh

You’ve settled your claim with your home owners insurance agent and you have an insurance settlement check but it’s made out to you and your mortgage company; Continue reading Insurance Claims: Nightmare’s await Homeowners