YOU ASK:

How long can a mortgage company hold insurance check?

WE ANSWER:

Most insurance codes specify that the mortgage company should release the check within 10 days after they receive the check.

In some cases, the mortgage company is required to notify you about the documents or reports needed in order for the company to release the funds and then release the check 10 days after you comply with the requirements.

You should make sure that the insurance check is named not just for the mortgage company but for you as well. This is to protect yourself against instances where the mortgage company deposits the check without crediting that payment to you. If you notice that the check is made out only to the mortgage company, do not accept the check and as that the check be re-issued and named both to the mortgage company and to you.

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