Due to hurricane Wilma damage I finally got a check in the mail to repair my
roof.

But the check is made payable to "my name and HOME FINANCING CENTER"...why
do they have the mortgage company name on it? I already paid my house off
two years ago!

Can I deposit this check or do I need this lender to endorse it? Or do I
need to get the insurance company to remove the additional name?

Thanks,

MC

"miamicuse" wrote in message
...
Due to hurricane Wilma damage I finally got a check in the mail to repair
my
roof.

But the check is made payable to "my name and HOME FINANCING CENTER"...why
do they have the mortgage company name on it? I already paid my house off
two years ago!

Can I deposit this check or do I need this lender to endorse it? Or do I
need to get the insurance company to remove the additional name?

You will probably have to contact the insurance company. If it is clear,
they should endorse. It may go through the bank anyway. I don't know how
closely they check that stuff, but on large amounts they may. We recently
had a similar situation at work for a flood claim. It was made out to our
company and the old bank. The bank endorsed it and it was OK.

I once paid bills and put the cable check in the GMAC car loan envelope and
the car check in the cable bill check. It was cashed and cleared even with
the wrong endorsement.

"Edwin Pawlowski" wrote in message
.net...

"miamicuse" wrote in message
...
Due to hurricane Wilma damage I finally got a check in the mail to repair
my
roof.

But the check is made payable to "my name and HOME FINANCING
CENTER"...why
do they have the mortgage company name on it? I already paid my house
off
two years ago!

Can I deposit this check or do I need this lender to endorse it? Or do I
need to get the insurance company to remove the additional name?

You will probably have to contact the insurance company. If it is clear,
they should endorse. It may go through the bank anyway. I don't know how
closely they check that stuff, but on large amounts they may. We
recently had a similar situation at work for a flood claim. It was made
out to our company and the old bank. The bank endorsed it and it was OK.

I once paid bills and put the cable check in the GMAC car loan envelope
and the car check in the cable bill check. It was cashed and cleared even
with the wrong endorsement.
I had a check that wasn't signed. My bank told me to put it through anyhow.
It went through.
Of course, it was only $100. Had it been $10,000 I suspect it would have
bounced.

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.

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.

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

Your insurance company still shows in their records that you have not
paid off your mortgage. Take them proof so they will clear that off
their records and then they should issue you another check.

J



miamicuse wrote:
Due to hurricane Wilma damage I finally got a check in the mail to repair my
roof.

But the check is made payable to "my name and HOME FINANCING CENTER"...why
do they have the mortgage company name on it? I already paid my house off
two years ago!

Can I deposit this check or do I need this lender to endorse it? Or do I
need to get the insurance company to remove the additional name?

Thanks,

MC

"Nonnymus" wrote in message
news:OrLfg.28240$QP4.7218@fed1read12...
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.

Read for comprehension- OP said the place is paid off. The lender lien never
got removed from the policy. OP needs to get insurance company to reissue
the check. Local agents exist to clean up housekeeping crap like this.

aem sends...

"miamicuse" wrote in message
...
Due to hurricane Wilma damage I finally got a check in the mail to repair
my
roof.

But the check is made payable to "my name and HOME FINANCING CENTER"...why
do they have the mortgage company name on it? I already paid my house off
two years ago!

Can I deposit this check or do I need this lender to endorse it? Or do I
need to get the insurance company to remove the additional name?

Thanks,

MC

This happened to me a few years ago after a fire in my home. I took the
check to the bank and when they determined my loan was paid off they
endorsed the check and I cashed it.

Your insurance company still shows in their records that you have not paid
off your mortgage. Take them proof so they will clear that off their
records and then they should issue you another check.

Often the lender will not remove the registered charge against the property
even though its been paid off.
This saves them $$ as there is a fee and paperwork to get the title cleared.
Once you contact them and explain what has happened, they should take care
of it.

R

On Thu, 01 Jun 2006 20:19:02 -0400, Joey
wrote:

Your insurance company still shows in their records that you have not
paid off your mortgage.

Exactly. That's because when you did pay off the mortgage and got a
letter in return saying so, you didn't send a copy to the insurance
company or ask them to remove the mortgagee's name. If you had seen
this coming, you might have. Come to think of it, neither did I, but
later I changed companies.

Take them proof so they will clear that off
their records and then they should issue you another check.

OTOH, if you need the money right away, or you think it might take a
long time to reissue, there is still the possibility of depositing
this check. Make sure you endorse it, so there is at least something
back there.

It won't be fraud since there is no more mortgage, but if it bounces
and you get charged their fee, you'll have to pay it.

We once had a tenant's association and I guess I was treasurer. Most
tenants paid 15 dollars, which times 50 was going to be used to hire a
lawyer. We reached a compromise and I went around returning all the
checks. I had them all sign one receipt.

A month later, a young neighbor is helping an 80 year-old neighbor and
calls me to say that her tenant's association check was cashed. I
hadn't cashed it. I went over with the receipt, but by the time I got
there, they had figured out after I gave it back to her, she had put
it in her Abraham and STrauss envelope, and A&S just applied it to her
bill, even though it was made out to the tenant's association. So
everything was fine.

I too think they might check for large amounts, but who knows.


J



miamicuse wrote:
Due to hurricane Wilma damage I finally got a check in the mail to repair my
roof.

But the check is made payable to "my name and HOME FINANCING CENTER"...why
do they have the mortgage company name on it? I already paid my house off
two years ago!

Can I deposit this check or do I need this lender to endorse it? Or do I
need to get the insurance company to remove the additional name?

Thanks,

MC

On Fri, 02 Jun 2006 02:52:23 GMT, "tom" wrote:


"miamicuse" wrote in message
. ..
Due to hurricane Wilma damage I finally got a check in the mail to repair
my
roof.

But the check is made payable to "my name and HOME FINANCING CENTER"...why
do they have the mortgage company name on it? I already paid my house off
two years ago!

Can I deposit this check or do I need this lender to endorse it? Or do I
need to get the insurance company to remove the additional name?

Thanks,

MC

This happened to me a few years ago after a fire in my home. I took the
check to the bank and when they determined my loan was paid off they
endorsed the check and I cashed it.

Wow! This was the bank where you deposited it, and also the bank that
had written the mortgage? Or which one?

Rudy wrote:
Your insurance company still shows in their records that you have not paid
off your mortgage. Take them proof so they will clear that off their
records and then they should issue you another check.

Often the lender will not remove the registered charge against the property
even though its been paid off.
This saves them $$ as there is a fee and paperwork to get the title cleared.
Once you contact them and explain what has happened, they should take care
of it.

R


At least some of the standard contracts say they
will clear the title at no charge. The holder of
my mortgage tried to charge me $25 to do that. I
pointed out, in a very large space full of desks
and in a rather loud voice, that the contract said
at no additional expense. Took them about 10
working days, a way to say screw you, and made me
take the paperwork to the county assessor's office
and pay the fee to register it(about $5).

You have to read the fine or very fine print and
reread it until you understand or some one will
try to jack you up for additional fees.

We went through this 3 times after hurricane charlie. You can first
take the check to your old mortgage company and if you know someone
there they'll probably endorse it. If not, you have to send it back
and
get a new check made out only to you.
Don't be tempted (like I was many times) to deposit the check in your
bank as-is. This post of yours is proof that you are knowingly trying
to sneak it by the bank, which is a crime.

Believe me, I know your pain. My mortgage company held 40%
of my insurance money until I was 95% complete with repairs, and
they held that money from October, when it was paid to me/and them,
until May, when they released it.
They did this even though I have a perfect record paying the mortgage,
and my property (even damaged) was worth over 4 times the loan amount.
Now when I see the name "CMAC Mortgage", it is synonymous with
Hitler and Stalin in my mind.

thetiler

miamicuse wrote:
Due to hurricane Wilma damage I finally got a check in the mail to repair my
roof.

But the check is made payable to "my name and HOME FINANCING CENTER"...why
do they have the mortgage company name on it? I already paid my house off
two years ago!

Can I deposit this check or do I need this lender to endorse it? Or do I
need to get the insurance company to remove the additional name?

Thanks,

MC