What do I do with this 3-party check from my insurance company?
The roof of my home was damaged in a storm. I paid a repair man to fix it. I filed a claim with my insurance company, and they sent me a check. The check was made out to me, my mortgage company, and a bank that holds my home equity loan. That seems weird to me. I understand that the mortgage companies have an interest in ensuring I take care of the house, but they don’t have any right to the money, which is meant to reimburse me, right?
Isn’t the money mine? I’m the one who paid for the repair out of my pocket. I can’t deposit the check without an authorized signature from each of the mortgage companies, right? I got an inspection from a home inspector/architect, who certified that the roof was repaired in a workmanlike manner, was properly shingled, etc. Isn’t that enough to demand the insurance company make a check out to just me?