Can a Mortgage Company hold your insurance check for the repair of your building?

Charles C · #1 (**permalink**) 12-10-2007, 04:33 PM

My building suffered damage with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can't finish the repairs needed. My mortgage payments are up to date.

mbrcatz17 · #2 (**permalink**) 12-10-2007, 04:33 PM

Ask the mortgage company if they'll release the funds directly to your contractor.

OTOH, MOST contractors will do the work, and THEN let you pay . . .

But yes, they can do that.

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