Usually, yes, but only if the roof claim check is payable to your business alone and no lender controls the funds. In Minnesota, cashing the check is often allowed. Skipping repairs can cost you recoverable depreciation, create lender trouble, and weaken later claims if the same roof keeps leaking. When This Applies If you own…
Yes. If your roof insurance check names the mortgage company, it can hold the money until it verifies the repair or replacement work. In Minnesota, that is common when the lender has a legal interest in the property. The hold should follow your loan papers and the claim file, and it usually ends once the…
Why is my insurance claim check made out to me and my mortgage company? Mortgage Company, Homeowner and Contractor; an Unwitting Entanglement Clarified ● Who is the current owner of the home? Your mortgage company owns your home, and you don’t. And this can be a good thing in this situation. The truth of the matter…
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