fire insurance law

[shuree]

What is the name of your state (only U.S. law)? i am in the state of georgia...my mortgage co is wanting me to send the check that my ins co sent to me to them to disburse as they see fit...they say this is due to the amount of the check, total of 10,169...the checks are made out to me and the mortgage co....as long as i go by the adjustors report, shouldnt i be able to go ahead and start repairs?...it seems that it will only take longer to repair if i have to wait on my mortgage co to send me back the money that i have in my hand right now...

 

[Zigner]

What is the name of your state (only U.S. law)? i am in the state of georgia...my mortgage co is wanting me to send the check that my ins co sent to me to them to disburse as they see fit...they say this is due to the amount of the check, total of 10,169...the checks are made out to me and the mortgage co....as long as i go by the adjustors report, shouldnt i be able to go ahead and start repairs?...it seems that it will only take longer to repair if i have to wait on my mortgage co to send me back the money that i have in my hand right now...

How do you expect to cash a check without their signature/endorsement?

 

[moburkes]

There is no law surrounding this. The check was written to both parties for a reason - so you don't cash the check and use it as you see fit. Your mortgage company has an interest in your home as long as you have a mortgage balance.

While there is no law surrounding this, you signed a contract with your mortgage company when you used them to get the house loan. Read it.

And Zig is absolutely right.