Home Insurance/Mortgage Question??
We recently had frozen rain damage to our home. I am waiting on the adjuster to finalize his analysis of our claim. Since we have a mortgage on the property, I am assuming that the insurance company will craft the check payable to the mortgage company and us. When I contacted the mortgage company, they said that to get the check endorsed by them (if it's made payable to both parties), that we need to sign the check and transport it to them, along with an owners affidavit. My question is, what is an owners affidavit, and how do I procure one? I am not sure if we are going to hire a contractor to do the work, or if we are going to do it ourselves. Help!!
Answers:
First of all, the owners affidavit would be provided by the mortgage company.
Second, if the damages are under $5,000, the mortgage company doesn't enjoy to be listed.
Third, you could have your adjuster foot the contractor directly, and totally avoid the mortgage company issue.
I don't think you'll have the mortage company on your check, $5K pays for a HECK of seriously of siding.
Ask the lender.
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Answers:
First of all, the owners affidavit would be provided by the mortgage company.
Second, if the damages are under $5,000, the mortgage company doesn't enjoy to be listed.
Third, you could have your adjuster foot the contractor directly, and totally avoid the mortgage company issue.
I don't think you'll have the mortage company on your check, $5K pays for a HECK of seriously of siding.
Ask the lender.
Related Questions: