Recent Feedback
I have a settlement from suing my homeowners ins for lack of payment of my IKE claim. They made the check out to me & mortgage company. Problem is, the mortgage company is working on my Loan mod (BOA/Countrywide mess). If I get a mortgage from another lender and BOA no longer holds the note, do they HAVE to sign off on the check or does the insurance company have to reissue a new one? By the way, this settled in Feb 2012,I still haven't seen the check!
Optional Information: Country relating to Question: United States State (if USA): Texas
The mortgage company has to sign off on the check as they are the lienholder on the insurance policy. This is a very inconvenient mess that was created in the aftermath of Katrina where insurance checks were not used for repairs by customers and insurance companies now have to issue the checks in the name of the named lienholder and homeowner to ensure the money is used for repairs.
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Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law