Home Insurance/Mortgage Question??

Question

We recently had hail damage to our home. I am waiting on the adjuster to finalize his analysis of our claim. Since we have a mortgage on the property, I am assuming that the insurance company will make the check payable to the mortgage company and us. When I contacted the mortgage company, they said that to get the check endorsed by them (if it's made payable to both parties), that we need to sign the check and send it to them, along with an owners affidavit. My question is, what is an owners affidavit, and how do I get one? I am not sure if we are going to hire a contractor to do the work, or if we are going to do it ourselves. Help!!

Answer 1

Ask the lender.

Answer 2

First of all, the owners affidavit would be provided by the mortgage company.

Second, if the damages are under $5,000, the mortgage company doesn't have to be listed.

Third, you could have your adjuster pay the contractor directly, and totally avoid the mortgage company issue.

I don't think you'll have the mortage company on your check, $5K pays for a HECK of a lot of siding.