Art wrote:
Call up insurance company and have them remove lender from policy. I would
also suggest getting a new check from them. Insurance companies are always
looking for a reason not to pay.


"Alamo" wrote in message
. ..
miamicuse writes:

Can I deposit this check or do I need this lender to endorse it?
Try depositing it in an ATM. Best chance of escaping scrutiny, assuming
you do have a right to the money. But you're really not in the clear for
months, even if it clears initially; your bank can still come after you
later if the insurance company complains.



If a check is dual payee, the answer is that you must first
send it to the lender.

The concept is simple: the lender's security for the loan
is your credit and the property. If the property is
destroyed or damaged, the security is lessened. To protect
itself, the lender requires that the property be insured and
that the lender be named. That means the insurance company
will issue what's called a Mortgagee Endorsement to the
policy. If the lender feels secure after the loss, then it
will endorse the check and return it to you. Under most
Mortgages, the lender also has the right to apply the
proceeds to the loan or to even pay off the loan if it's
enough. Should there be a lot of reconstruction necessary,
a third alternative is for the lender to hold onto the check
until all mechanics and materialmen's lein rights are waived.

Nonnymus