What do I do with a homeowner’s insurance claim and any loss draft checks?
If your home or property has sustained any damages and you have decided to submit a claim to your Insurance Company, your loss draft payments will be made payable to you and Mortgage Center.
When you receive a loss draft claim check, please contact us at 800-353-4449 so that we may discuss the loss draft claims process with you. Please review the list of documentation that will be required in order to process your check:
- The Estimate of Damages or Adjusters Report provided by your Insurance Company
- Contractor’s statement of repair: [estimate, bid, invoices, and/or detailed draw schedule] this would be provided by your Contractor and must be signed.
- Contractor’s license/W-9 from licensed contractor
- Copies of paid receipts and description of work for repairs already completed
- Statement or certificate of completion of work
According to your mortgage, the loss draft claim funds must be used to either restore or repair the property. Please be advised that Mortgage Center holds the right to conduct progress inspections of the repairs to your property to ensure that the funds are being used for that purpose.
- Will my fixed rate mortgage payment fluctuate throughout the life of the loan?
- How will my taxes be paid?
- What is private mortgage insurance (PMI) and how does it benefit me?
- What is an escrow account? Why do I need one?
- How long will it take to close my loan?