On Property Insurance Claim Tips Blog

Policyholder Question – Will the bank holding my mortgage release my insurance settlement?

Policyholder Question – Will the bank holding my mortgage release my insurance settlement?

When a homeowner files an insurance claim, the last thing they expect is having to include their mortgage holder on the check. But this is usually the case and cause settlement delays and confusion depending on how the mortgage holder processes the settlement. The following is a related insurance claim question we answered submitted by a policyholder.

Q. I have a VA loan through TD Bank whose main office is in Lewiston, Maine. I live in Florida and retained a public adjuster to help me deal with my insurance claim. I suffered severe damage from Hurricane Michael on 10/10/18. Do you think I will have any problems with the bank releasing insurance proceeds directly to me seeing as it could be an inconvenience for the bank with me living so far away? Also, what records will the insurance company require if I do some of the work myself and have others help me?

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Policyholder Question on How to Get Mortgage Company to Release Funds from Property Insurance Claim

Q. If the mortgage company holds on to my insurance repair check and delays my ability to rebuild my damaged home by hanging onto my insurance check, is there an agency that regulates mortgage companies that I can file a complaint with? Policyholder from Ocala, FloridaRead More