Show the mortgage lender your contractor's bid and let the lender know how much the contractor wants upfront to start the job. When a financial backer is a co-insured, they will have to endorse the claims payment check before you can cash it.ĭepending on the circumstances, lenders may also put the money in an escrow account and pay for the repairs as the work is completed. This is so the lender (and/or, in the case of a coop or condo, the overall building), who has a financial interest in your property, can ensure that the necessary repairs are made. Similarly, if you live in a coop or condominium, your management company may have required that the building's financial entity be named as a co-insured. As a condition of granting a mortgage, lenders usually require that they are named in the homeowners policy and that they are a party to any insurance payments related to the structure. If you have a mortgage on your house, the check for repairs will generally be made out to both you and the mortgage lender. ![]() ![]() Your lender or management company might have control over your payment
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