 Fire claim follow up (by Dan [NY]) Apr 17, 2018 6:27 PM
 Fire claim follow up (by NE [PA]) Apr 17, 2018 6:32 PM
Fire claim follow up (by Robert J [CA]) Apr 17, 2018 6:42 PM
Fire claim follow up (by Dan [NY]) Apr 17, 2018 6:54 PM
Fire claim follow up (by NC INVESTOR [NC]) Apr 18, 2018 5:10 AM
Fire claim follow up (by small potatoes [NY]) Apr 18, 2018 9:13 PM
Fire claim follow up (by myob [GA]) Apr 19, 2018 7:39 AM
Fire claim follow up (by Dan [NY]) Apr 19, 2018 8:25 PM
Fire claim follow up (by Dan [NY]) Posted on: Apr 17, 2018 6:27 PM
Message:
We are expecting to receive the check from the insurance company to reimburse for the boiler fire from April 10th. The note holder of the property is listed on the check and needs to sign. He is asking document from the claim. The house has been repaired by my team if guys in better condition then the house was when we purchased it. Anyway, can the note holder try to claim some of the insurance claim or refuse to sign the check? --107.77.xxx.xx |
Fire claim follow up (by NE [PA]) Posted on: Apr 17, 2018 6:32 PM
Message:
It's not there money, so no. You just need to prove you protected their collateral with those repairs. Typically with a large fire, a bank will escrow the insurance $ an give it out as repairs are done.
If you're behind on payments or escrowed taxes/insurance, they may. I don't know that, but they may. --50.107.xxx.xxx |
Fire claim follow up (by Robert J [CA]) Posted on: Apr 17, 2018 6:42 PM
Message:
Make and keep at least 3 color copies of the check, both sides and the envelop it came in.
When I had a loss, the IRS and State got a W-2 or some document from my insurance carrier like it was income instead of a settlement of an insurance claim. I had to show the government proof of what the check was for. And on the check it had the property address and full payment for claim number xxxx. --47.156.xx.xx |
Fire claim follow up (by Dan [NY]) Posted on: Apr 17, 2018 6:54 PM
Message:
If all I need to do is show them I repaired their collateral they are welcome to view the property. When we made the repairs to the boiler room we upgraded the electrical, replaced the boiler, and rerocked the room prior to get the funds. House is in better shakes after we purchased the property so I’m just trying to protect the funds we received. --107.77.xxx.xx |
Fire claim follow up (by NC INVESTOR [NC]) Posted on: Apr 18, 2018 5:10 AM
Message:
Writing the check to owner and mtg company is standard. I have never had to produce any documents to the lender. State Farm provided a copy of the claim, etc when they sent the check and that is all the proof they should need.
W-2 for insurance checks are standard but your expenses for the repairs should more than offset the income. --71.75.xx.xx |
Fire claim follow up (by small potatoes [NY]) Posted on: Apr 18, 2018 9:13 PM
Message:
I received a $50,000 from a fire last year. My accountant put it towards depreciation since I was rebuilding and the building was empty and thus out of service. This avoided the question of income. I spent all the funds on materials and contractors anyway, so it expenses out anyway.
How have others handled this? --24.194.xx.xx |
Fire claim follow up (by myob [GA]) Posted on: Apr 19, 2018 7:39 AM
Message:
I would endorse the back and put into your business account. Done it before and was not a problem. Under no circumstances endorse their signature.
Is your company in 2 names? then both company owners endorse the check. How would you endorse a 2 party check when one endorsement is a company name-- there's no individual to sign the company name (EX. State Farm) --99.103.xxx.xxx |
Fire claim follow up (by Dan [NY]) Posted on: Apr 19, 2018 8:25 PM
Message:
The note holder was sent a copy of the check. He’s sending the check and insurance schedule to his attorney. I’m guess he wants to make sure he’s covered and not at risk. I don’t want to be in a position of documenting all the repairs to the note holder. At the same time I understand he would want to make sure his collateral is protected. House is in better shape compared to when I purchased it. --107.242.xxx.x |
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