Claim check

[haildamage]

What is the name of your state (only U.S. law)? Arizona

I recently had hail damage on my rental property. I received 2 checks. The total is about $3100. There was old hail damage found on half the roof and 3 sections of fence blew down. The checks are made out only to me not the mortgage company. The mortgage company sent me a letter saying when I received the check I needed to endorse it and send it to them. Their name is not on the check. Legally do I have to send it to them? The fence will be replaced but with the housing crash the home value is half what we owe. The roof damage is cosmetic.

Thanks!

 

[ecmst12]

You need to repair the damage and show proof to your mortgage company.

 

[moburkes]

What is the name of your state (only U.S. law)? Arizona

I recently had hail damage on my rental property. I received 2 checks. The total is about $3100. There was old hail damage found on half the roof and 3 sections of fence blew down. The checks are made out only to me not the mortgage company. The mortgage company sent me a letter saying when I received the check I needed to endorse it and send it to them. Their name is not on the check. Legally do I have to send it to them? The fence will be replaced but with the housing crash the home value is half what we owe. The roof damage is cosmetic.

Thanks!

Ask why they want the check. Your mortgage likely has wording that you will repair any damage. None of this has anything to do with the value of your home, but 100% to do with with the contract you agree to with your mortgage company.

 

[JustAPal00]

Are you paying your mortgage? Is the property in forclosure?

 

[haildamage]

No, we are not in foreclosure. Pay on time. Never late.

 

[tammy8]

I think you have to prove you repaired the damages for the roof. Insurance to put you back where you were. If you don't repair, it is not back like it was before the damages. And your mortgage company could really be pissed and depending on your contract, immediately demand full payment.

 

[Max_R]

You can deposit the checks without any problems

If the insurance company issued you a check you do not have to endorse it to the mortgage company. This is very common.
If the damage is large the insurance company makes the check for you and the mortgage company to protect their interest in the property.

 

[haildamage]

If the insurance company issued you a check you do not have to endorse it to the mortgage company. This is very common.
If the damage is large the insurance company makes the check for you and the mortgage company to protect their interest in the property.

Thank you! That is what we thought. We have had other small claims on other homes we have owned and never had the mortgage company ask to send them the checks. It would be different if it was made out to us and the insurance company.

 

[moburkes]

Thank you! That is what we thought. We have had other small claims on other homes we have owned and never had the mortgage company ask to send them the checks. It would be different if it was made out to us and the insurance company.

I suppose Max R has read your mortgage agreement with your insurance company. It's interesting that you asked for professional opinions, but you only agreed with the one you wanted to hear.

As stated before, you need to see what your contract (mortgage) states. Unless you post the contract here, none of us, including your buddy Max R, knows why they want to check sent to them.

Did they tell you this by phone, by email, what? How did they know about the roof damage? WHY do they want the check written out to them? There is more to this story.

 

[haildamage]

I suppose Max R has read your mortgage agreement with your insurance company. It's interesting that you asked for professional opinions, but you only agreed with the one you wanted to hear.

As stated before, you need to see what your contract (mortgage) states. Unless you post the contract here, none of us, including your buddy Max R, knows why they want to check sent to them.

Did they tell you this by phone, by email, what? How did they know about the roof damage? WHY do they want the check written out to them? There is more to this story.

Wow! There is not "more to this story". Actually it isn't "a story". I don't judge one by how many posts they have made.
Sometimes less is more!! Max R gave his opinion which he is entitled to do. LIghten up!! And to correct you,
it should be "the check" not "to check". Have a great weekend!!!

 

[JustAPal00]

Moburkes was right!

Max hasn't read your agreement so he's just guessing. Although I think something sounds odd about this, it's not to say that they don't have the right to demand the checks. If your agreement states that they will handle all insurance claims dealing with the structure, then they will need the money to do that. I'm sure though if it says that you have to send them the checks in the agreement, it also gives them the right to add the amount to your next payment if you fail to. There may even be additional penalties involved. Before I believed the first guy on the internet who said what I wanted to hear, I would get that agreement out and go through it line by line. You may want to contact your mortgage company and ask them directly why they want the checks.

 

[CourtClerk]

Moburkes was right!

Moburkes is also the resident insurance expert as she knows all things insurance (since she works in the industry, ya know)......

now, Max's experience is what, exactly?

 

[haildamage]

Update

The insurance company called, I explained the checks were made out only to us. They said that was fine since it was a small amount and to just send them a copy of the checks showing they were not listed as payees.