If you are one of the many homeowners that had to file an insurance storm claim this year, you will need to know the mortgage check procedures. The insurance storm claims process with mortgage check endorsement can be frustrating and tricky. Normally there will be multiple checks, almost always two and in case of a supplement or personal property damage there may be three or more.
How the Claims Check Process Works
You just filed storm related claim with your insurance company, so what’s next. Most insurance companies will send an adjuster out within 48 hours of your claim. The adjusters job is to assess the damage, after the damage assessment the adjuster will make you an offer. The insurance claim offer is called a scope of loss; some insurance scopes can be hard to follow depending on the software used. Make sure you ask your adjuster to explain each line item. Once you have gotten your scope and the check for the damages you must deal with a contractor. Most insurance claims checks will have your name as well as your mortgage companies name listed as payees of the check.
The Mortgage Check Endorsement Process
Getting the mortgage companies endorsement on the check is the often-misunderstood part of the insurance claims process. Many mortgage companies are very frustrating to deal with on the endorsement. The following is a list of the most common items many mortgage companies will require when you send them your claims check. This list will be how to start the process and the documents needed.
- Call your mortgage companies loss draft department and file a claim, yes a claim just like with your insurance company.
- Make sure you copy down your routing or tracking number; this is how you will keep track of your process.
- Write your tracking number on every document you send the mortgage company
- You will need to send a copy of the insurance loss report/scope
- You will need a W-9 IRS form from your contractor
- A copy of your contract with your contractor
- They will require a lien waiver release from your contractor
- They will require a final inspection of the completed project; this normally takes 3 days for an inspector to get to your house.
The main thing when dealing with your mortgage company is to document everything, write down day, time and who you speak to each time. You could speak to as many as 10 different people during the entire process. Write down what was said, hold them accountable for each thing they tell you. Send all documents priority mail with tracking, you will need to know where your check is always. You would be surprised how many times the mortgage company losses documents, send two copies, don’t take anything for granted. You must remember, this is your claim and your money not theirs, they will treat it accordingly and not care, it is up to you to stay on their back about your money.