QUESTION
Can the mortgage company endorse a flood insurance check?
Asked on Dec 18th, 2012 on Foreclosures - Illinois
More details to this question:
I received a flood insurance check made out to me, my wife and the mortgage co. They want us to endorse it and send it to them. They said because it's in foreclosure in Freddy mac or Fanny Mae that they will control how the money is dispersed to the contractor. Can they legally do this?
2 ANSWERS
The check was also cut to you, so you have a voice as to how that money is going to be spent. Don't let them bully you.
Answered on Dec 20th, 2012 at 5:40 AM
Richard hirsh
Although it depends on the terms of the mortgage, my answer would be affirmative. Most mortgages do contain such provisions. This response does not establish an attorney client relationship with the undersigned and any person and is intended only as a general comment based upon very cursory facts.
Answered on Dec 19th, 2012 at 4:42 PM