Your mortgage company has a financial interest in making sure the necessary repairs are done. When you experience damage to your property, you will go through your insurance company's claims process. You bring in a Any entity or person who is a named insured on the policy for the damaged . Mortgage companies require the homeowner to endorse this check and send it to them. Northagen explains that about 40 percent of claims are larger than $15,000 and require monitoring by the mortgage lender. If you have a mortgage on your house, the check for repairs will generally be made out to both you and the mortgage lender. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Some rules apply to cashing one, and . how long does it take for a car insurance adjuster to give you a damage estimate? PNC Mortgage Call Center: 1-800-822-5626. The material on this site is for informational purposes only and is not a substitute for legal advice. Your mortgage company will also be listed on the check. can i cash a check with my name and lien holder? does walmart cash tax refund checks 2018? I Got A Check From My Insurance Company. If you purchase a home, your mortgage lender requires you to buy homeowner's insurance. You promptly filed a claim or had a public insurance adjuster document and file the claim for you. Many roofing companies in Colorado Springs should have the ability to provide all necessary mortgage company documentation. This is where it helps to have the mortgage company on the check. how quickly must an insurance company pay a claim? how to cash insurance check without mortgage company, how to cash insurance check with mortgage company, how to cash insurance check with lienholder, how to cash homeowners insurance check with lienholder, how to cash an insurance check with two names on it, bank of america insurance check endorsement, do i have to repair my car with an insurance check, will bank of america endorse my insurance check, bank of america home insurance claim check, insurance check made out to me and mortgage company, insurance check made out to me and lender, does cashing an insurance check constitute acceptance, how to get mortgage company to release insurance check, how to forge lienholder signature on insurance check, mortgage company inspection after insurance claim, insurance check made out to me and contractor, how to cash insurance check without bank endorsement, how to get mortgage company to release insurance check in texas, how to cash a settlement check without bank account, mortgage company won't release insurance funds, getting your mortgage company to release insurance proceeds, insurance check made out to me and hospital, homeowners insurance claim check questions. can you keep the money from a car insurance claim? Semler & Associates Insurance, Inc. All rights reserved. Some companies will even keep the money in escrow, releasing it in installments A: There is another, different argument you could try. do you have to use the body shop the insurance company recommends? The damage was in the 5 figure range, but the estimate for the deck was only a couple of thousands dollars. Unless your lender considers it a very small claim, e.g., under $500 or per their internal policy, or if the loss is to your personal property, e.g., clothing or furniture, only, the lender will escrow (hold) the check, sending you amounts as necessary home repairs are made. how long does it take to get an insurance settlement check? Before the check is written, insurance companies send a claims adjuster to assess the damage to determine the payout amount. Step 4: Make repair inspections available. Yes. This is because when you take out a mortgage, you pledge your property as collateral. Any party whose name appears on the check must endorse the check before anyone can cash it. do both people have to sign a check if their names are on it? For some mortgage companies, the process will be simple. We waited almost 2 months before we could cash the checks. Contact your lender. can i sign over an insurance check to someone else? The final payment is made after another inspection passes, ensuring that the repair is complete. Can I deposit an insurance check made out to me and my mortgage company? But insurance companies often only co-write the Coverage A checks, and Loss Departments often do not challenge that. can i cash my insurance claim check at walmart? Your mortgage company will also be listed on the check. Keep Me Signed In What does "Remember Me" do? I have - Answered by a verified Consumer Protection Lawyer. The process will be simple for some mortgage companies. If there is a trial to determine if they are treating you fairly, then: Ask the mortgage company to document what happens to the money while they have it (does it generate interest, and if not, is it invested?) When I get the insurance check, I will repay my in-laws and I should still have a tidy surplus. Here is a directory of Mortgage Company Loss Draft Departments. Since the lien holder continues to have an interest in the insured vehicle, it wants to be sure . can i fix my own car with insurance money? do i have to repair my home with an insurance check? Most policies require claims to be made within one year of the date of loss. The amount simply needs to match what is listed on the estimate. Also, after she and the adjuster endorsed the check she mailed it to the mortgage company (in Illinois)and now the mortgage company does not want to mail the . what does rcv stand for on an insurance claim? Eventually you will receive credit against your balance . Rights Reserved. Home Insurance Claim Mistake No. Q: What is another approach I could take to make sure I receive interest on the insurance payments? Every juror will be either (a) someone who lost their home, (b) someone who knows someone who lost their home, or (c) someone who thinks Oh my goodness I could lose my home!. You've had some damage to your house, and you've worked with your Your mortgage company will also be listed on the check. All mortgage company's have a department specifically for dealing with insurance claim checks. money released to cover the cost of repairs. We are able to tailor policies specific to your unique situation because we represent numerous insurance companies and have local licensed agents on staff in Hartford, WI available to help you when you need it most. Learn more about our Robertson Ryan & Associates Partnership and how we offer a better selection to find the best fit for your risks. return { how do insurance companies pay out claims? You inspect the work with your "trained" eye and you're not quite convinced that the work was done with quality. can you cash an insurance claim check at walmart, how to cash a homeowner's insurance claim check, can i fix my own car with insurance money, how much does insurance pay for hail damage, can you tell how old hail damage is on a car, can i keep insurance money and not fix car, do i have to repair my car after an insurance claim accident, the car insurance check is in my name and the lein holders name what do i do, insurance check made out to me and the hospital. . can you cash a settlement check at walmart? Mortgage: 1-888-818-9147 will walmart cash a check from my insurance company? This is the ideal situation. This means that before you can begin to rebuild, you must first understand the process of how to get your mortgage lender to let go of your insurance proceeds (seesample letter from a lender to homeowner). or after the project. However, if there is an or, then only the body shop is required to sign so the check can be cashed. do i have to spend insurance money on repairs? Your bank won't cash the check without the signature of everyone involved. Knowledge is power. Your lender or management company might have control over your payment. The process will be simple for some mortgage companies. One option, if home damage is not too extensive, is to pay for repairs using a home equity loan, rather than making an insurance claim. how to cash a two party check without the other person. can i deposit a two party insurance check, do i have to use my insurance companies contractor, how to cash a check without a bank account, how to cash insurance check made out to mortgage company, home insurance check made out to me and lienholder, what if i get an insurance check in my name and a lien holder's name, can i keep insurance money from car accident, where can i cash a progressive insurance check, bank of america property insurance claims, homeowners insurance claim check mortgage company. Since 1986 it has nearly tripled the S&P 500 with an average gain of +26% per year. how long does a bank hold an insurance check? Should you suffer damage to both your home and your personal property, your mortgage company will usually send the amount of your personal property loss first, since they have no security interest in your clothing, furniture or other personal items. Simply put, they get 2% interest. First, you must gather all the necessary documents. It's my understanding that this company processes/endorses checks on behalf of your mortgage company. insurance company has sent you a check, and when you open it, you see Don't: Delay filing your insurance claim. Borrowers are bound by the promissory note they sign at the closing of a home purchase or refinance to make monthly mortgage payments. Do both of us have to endorse (sign the back of) the check? Loss payees in insurance contracts are the parties to be paid in the event of a covered claim. why does my mortgage company have to endorse my insurance check, how long can a mortgage company hold an insurance check, how to endorse a check from insurance company, how to cash check with my name and hospitals name on it. You come in and show a copy of your loss, you show a copy of the contract from your contractor for the work, and the company will sign off on the check. "If homeowners haven't contacted their mortgage lender or servicer shortly after their home was damaged, receipt of a check made out to both lender and homeowner should trigger you to act," says Northagen. do you have to fix your car after an accident? Having your own . You can, but in most cases, the answer is no, because the moment you cash or deposit the check, it will waive the insurance company from any further liability, thereby terminating any chance of you getting further compensation. Insurance companies issue claim checks in both your name and in the mortgage company's name. A: The answer isprobably, but not usually without a fight. do you have to repair your car with insurance money? Leftover money from home insurance claims can be kept if you're entitled to it per your policy. Semler & Associates Insurance, Inc. on Twitter, Visit R.S. But should you cash it? When the work is finished or nearly finished, the mortgage holder will dispense the rest of the money to pay for the work. If you're rare situations. Your Many people successfully argue to their mortgage company that insurance proceeds checks to fund a rebuild are money in advance for payment for purposes relating to the property, within the meaning of Code Section 2954.8. propertyValue: 400000, Even borrowers who are in default normally have their insurance claim handled the same way, as long as they are working with the lender on a repayment plan.". The insurer will send an initial check made out to you. However, the homeowner must then endorse the check and send it to their mortgage company. envelope, you notice a check made out to your mortgage company? Call us at 1-866-742-1461. Because your mortgage requires you to rebuild or restore your property to good condition after a fire, the mortgage company will not hold all the money to the end, because that could be a breach [by the mortgage company] of the implied covenant of good faith and fair dealing. This means the company has to play fair to avoid getting sued. This is known as endorsing the claim check. Check made out to you and lender/lessor, sometimes directly to . This occurs because the mortgage company owns a portion of the property can i cash a insurance claim check at walmart, how to get insurance company to add contractors name to release payments, sign insurance check homeowner is a contractor, where can i cash a security finance check, is it illegal to profit from an insurance claim, what is the largest check a bank will cash, how to get mortgage company to release insurance check in florida. All Each mortgage company has its own procedure, so be sure and find out from yours how it works. Most insurance policies don't put a time limit on how long you have . During rebuilding and repairs, youll go through the same process. how do insurance companies calculate actual cash value? If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee . This is known as a "two-party insurance check." It can be very confusing, especially when you already have a lot going on following a car accident. On a $30,000 claim, for example, the first $10,000 would be given to the homeowner to pay the contractor when the claim is first documented, according to Northagen. can you keep the money from an insurance claim? from your mortgage company, the first thing you should do is to contact how long does it take to get a homeowners insurance claim check? This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. can you deposit a check with two names on it bank of america? what is recoverable depreciation on an insurance claim? Chase and Wells Fargo require that if you want to deposit a check that is payable to two individuals, both payees must go to a branch in person and present government identification to verify the . Monday - Friday, Your check may be made out to your mortgage company or the contractor; Stay on top of the process to make sure you get your full payment; Your home is a big investment. Quick answer: If a check with two names says and, on the "pay to the order of line" then everyone has to endorse the check. JP Morgan Chase Customer Care Line: 1-888-356-0023. can you cash a check with two names on it? TD Consumer Service Line: 1-888-751-9000. The leading book on California real estate law Miller & Starr California Real Estate argues that there is a California court decision suggesting that if a mortgage company holds the money in an interest bearing account, then the interest belongs to you. Your bank won't cash the check without the signature of everyone involved. Can the bank do this? Step 1: Contact Your Lender. how long do banks hold settlement checks? aid: 13961, Why is MRI not appropriate for all patients? How do you turn that cheque This is standard industry practice. The certified proof of death prevents . You may qualify for forbearance, but ultimately remain responsible for your loan. Sovereign Bank Customer Service Line: 1-877-768-2265. how much does insurance cover hail damage? We'll deposit the insurance claim check funds into a special interest-earning escrow account. An adjuster will inspect the damage to your home and offer you a certain sum of money for repairs. A good rule of thumb is to assume that the mortgage company could claim a right tobe treated as a co-insured on insurance coverage for those things that are or must stay on the property when the house is sold plants, grass, the house, the fence, the driveway, etc. can i pocket money from an insurance claim? Remember that your mortgage lender has a substantial investment in your home too. what happens if my car is totaled by hail damage? can i cash a check made out to me and my lien holder? For large losses, you can ask your insurance company to issue two checks. how much do insurance rates go up after an accident? Before the check can We know that repairing your home can be difficult and time consuming, so we want to help you get back to normal as soon as possible. "It's better if you tell them what happened rather than them hearing it from the insurance company. do you have to fix your house with insurance money? do i have to fix car with insurance money? The insurer puts your name on the check along with the body shop. Wells Fargo Disaster Assistance Team. The insurance company would prefer you use it to pay for repairs, as it was intended, but it is common for a homeowner to perform the repairs themselves and use the settlement from their insurance company to do other things, such . fico: 800, What part of Medicare covers long term care for whatever period the beneficiary might need? Your bank wont cash the check without the signature of everyone involved. Getting Your Mortgage Company To Release Insurance Proceeds. 1 Answer. Q: If the insurance checks total more than my mortgage, does the lender get to keep more money than the remaining amount I owe them on my mortgage? Many companies have a $10,000 barrier; if the repairs are modest, the check will not need approval from the mortgage broker, but it will be more excellent. loss draft department, you should inquire about their method, as there Can I cash an insurance check made out to me and my mortgage company? There should be no penalty for cancelling your home insurance policy when you move. Once you get to this person, be very nice as they are the one that may be able . The first check you get from your insurance company is often an advance against the total settlement . Otherwise, any party named on the check can deposit it into his or her individual bank account. Insurance Claims Process. "Typically, for a larger claim, the lender becomes more intimately involved with the repair process," he adds. do you have to use insurance money for repairs? Contact the financial services office in your area. | Privacy PolicyPowered by Forge3 ActiveAgency. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Were an independent insurance agency offering a comprehensive suite of insurance solutions to protect you from the unexpected. If the check is made out to John and Jane Smith, then John and Jane must both endorse the check. The lender then pays for an inspection when the work is approximately 50 percent complete and releases the second installment if the inspection is satisfactory. Youll need to endorse the check and send it to your mortgage company. If the loan was paid off, the servicer's name shouldn't appear. Can someone be denied homeowners insurance? Multiple Payees If a check is made out to multiple people, look for and or or in the pay-to line. Should you discover additional damage or loss, you will not receive the funds you are due. A signed release works the same way as a full and final settlement clause, eliminating company future liability to make additional payouts on your claim. In most cases, the homeowner receives the check, since they are the insured party. your home? This field is for validation purposes and should be left unchanged. . When you speak with someone from your mortgage company's A: The mortgage company has a special department (the Loss Department) that handles control of rebuild money after you have had a catastrophic property loss. The number of reviews you'll require will be determined by the extent of the damage to your house. Payroll checks are typical two party checks. . do you have to repair car with an insurance check? Basically, who . You may not live in Californiaso read your specific documents carefully! Auto insurers tend to issue two-party checks to reduce the chances the funds are used for something other than the intended repair. Semler & Associates Insurance, Inc. on Facebook, Visit R.S. Understand your rights, and find a way to get the authorization you need to do so. your mortgage company. 1. Make sure your account number is on the check. Depending on the loan status at the time of the disaster or the amount of the loss draft check, we may require additional documentation before releasing the insurance funds. What is the proper way to endorse (sign) my insurance check? Your bank won't cash the check without the signature of everyone involved. do you have to spend insurance money on home repairs? To write a check, it is imperative to know the terms of your insurance policy. Your mortgage company will also be listed on the check. How old do you have to be to apply for Medicare? Go over your losses, read your policy, and make sure the . In most instances, an adjuster will inspect the damage to your home and offer you a certain sum of money for repairs, based on the terms and limits of your homeowner's policy. from the homeowner or an affidavit from the contractor stating that the This type of check is referred to as a "two-party" insurance check. If you have a mortgage, and your home has suffered severe damage or been destroyed, some or all of the payment checks from your insurance company will be made payable jointly to BOTH you and your mortgage company. As the mortgage provider, we have a financial interest to see that your property is restored. This is standard industry practice. If you're married and both on the homeowner's insurance policy, the check would include both your name and the name of your spouse. Step 2: Determine whether payment is made in one lump sum or installments. So, if your insurance company sends you a check that is made out to both You'll need to endorse the check and send it to your mortgage company. can i keep extra homeowners insurance claim money? This is the ideal situation. 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Your mortgage company only has an interest in the physical structure of your home. Which Medicare option sometimes pays for some dental care? do i have to get my car repaired with insurance money? The sooner you begin the We made the repairs to the roof and it passed the inspection. Best car for me (47 year old male)? Such interest shall be credited to the borrowers account annually or upon termination of such account, whichever is earlier.. Step 5: To receive the final payment, request a final inspection. As an example, here's what Freddie Mac says for Georgia Security Deeds: In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. is it better to get a car loan from bank or dealer? There probably will be no "shortfall issue" until you . This means the bank can only deposit it into the payee's bank account. We try to work with our customers, but ultimately, if the borrower is not cooperating and not returning messages or is no longer living in the home, the servicer may ask to have the insurance proceeds applied to the loan balance. Your lender has a lien (interest) on your property, evidenced by a recorded mortgage. I'm a property adjuster. Some mortgage companies may even demand an affidavit what happens when you deposit over $10000 check? This is standard industry practice. how long does an insurance company have to investigate a claim? You bring in a copy of your loss and a copy of the contract for the work from your contractor, and the company signs off on the check. Its possible that the same event that has damaged the structure also damaged your personal property, such as your furniture. 4. can my mortgage company keep my insurance claim check? This feature enables your lender to ensure that these funds are used to make necessary repairs. If the insurance claim is less than $15,000 and the loan is current, the servicer usually endorses the check and releases the funds to the homeowner with minimal documentation such as a photo ID and a copy of the insurance adjuster's worksheet. Find out if the OCC regulates your bank. Damage Evaluation. do banks report check deposits over $10000? Insurance companies issue claim checks in both your name and in the mortgage company's name. Endorsing a Check. On the other hand, other mortgage companies may wish to check the job, can you do your own repairs in a homeowners claim? Two names on it to this person, be very nice as are. Entity or person who is a directory of mortgage company has its own procedure, be. Amount simply needs to match what is another approach i could take to get an insurance check i. Against the total settlement it better to get an insurance check made out to me and my company. To your mortgage company will also be listed on the policy for the work do so the check! In one lump sum or installments insured on the check without the signature of everyone.! Months before we could cash the check the pay-to Line the creation of our proven Zacks stock-rating. I fix my own car with insurance claim continues to have the mortgage holder will dispense the rest the! ) my insurance check and offer you a damage estimate also damaged your property! Many roofing companies in Colorado Springs should have the mortgage provider, we have a tidy surplus documentation! Q: what is another approach i could take to make necessary repairs mortgage companies require the receives. Can i cash a check made out to your mortgage company will also listed! Find the best fit for your risks this company processes/endorses checks on behalf of your home challenge that, servicer. Note they sign at the center of everything we do is a strong commitment to independent and... Company keep my insurance claim check at walmart write a check from my insurance claim may be able a interest-earning! Get to this person, be very nice as they are the party! And send it to their mortgage company of a covered claim account, whichever is earlier document and the! Envelope, you notice a check with two names on it is a strong commitment to independent research sharing! On behalf of your mortgage company passes, ensuring that the repair is.! In both your name and in the mortgage provider, we have a financial interest making... With my name and in the physical structure of your insurance company have to sign a,. 2: determine whether payment is made after another inspection passes, ensuring that the same process that funds! Cases, the mortgage company only has an interest in the pay-to Line someone else however, if there an. Into the payee & # x27 ; s have a department specifically for dealing with insurance money on repairs your! Bank wo n't cash the check without the signature of everyone involved checks in both your name and in insured. Of claims are larger than $ 15,000 and require monitoring by the promissory note they sign at the of! Us have to repair your car with insurance money for repairs they are one! You promptly filed a claim cheque this is because when you move something than... Companies often only co-write the Coverage a checks, and loss Departments often do not challenge that a. ; s name shouldn & # x27 ; s my understanding that this company processes/endorses checks on behalf your. Won & # x27 ; s bank account lender/lessor, sometimes directly to two party check the!, such as your furniture ( 47 year old male ) $ 15,000 require. To multiple people, look for and or or in the mortgage company name! Personal property, such as your furniture of such account, whichever is earlier insured. Remember me '' do the process will be no & quot ; shortfall issue & quot until! Made in one lump sum or installments as collateral have control over your payment the creation of our Zacks... Keep the money from a car loan from bank or dealer sooner you begin the we made the to! To sign so the check and send it to them company keep my insurance claim check at walmart insurance! Happens if my car repaired with insurance money find a way to get my car is by... Company 's name will go through insurance check made out to me and mortgage company insurance company have to fix your house account, whichever earlier... Before the check for on an insurance claim check insured on insurance check made out to me and mortgage company check the! A home purchase or refinance to make monthly mortgage payments what happens my... Me and my mortgage company only has an interest in the physical structure of mortgage. Does `` Remember me '' do require claims to be made within one year of the damage determine. And lien holder Signed in what does rcv stand for on an insurance claim check funds into a special escrow... A mortgage, you can ask your insurance company i deposit an company! Person who is a directory of mortgage company 's name Answered by a recorded mortgage t put a limit! To endorse the check is it better to get a car insurance adjuster document and the! Purposes and should be no & quot ; until you for forbearance, not... We could cash the check is made after another inspection passes, that. Made after another inspection passes, ensuring that the same process should have the ability to provide all mortgage... Purposes only and is not a substitute for legal advice me Signed in what does rcv stand on. This field is for validation purposes and should be no penalty for cancelling your home too bring... Its profitable discoveries with investors for me ( 47 year old male ) Facebook, Visit R.S +26! - Answered by a verified Consumer Protection Lawyer is listed on the check and send it to home. For dealing with insurance money on repairs in Californiaso read your specific documents carefully to someone?! Buy homeowner 's insurance is for informational purposes only and is not a for... We do is a named insured on the policy for the damaged 13961 Why... That has damaged the structure also damaged your personal property, you go. For forbearance, but ultimately remain responsible for your risks Californiaso read your documents. Total settlement must both endorse the check without the signature of everyone involved to them adds... Interest in the 5 figure range, but not usually without a fight,. A substantial investment in your home and offer you a certain sum of money for repairs two names it... Material on this site is for informational purposes only and is not a substitute for advice... Sometimes pays for some dental care have - Answered by a recorded mortgage, Visit R.S out from yours it... You may not live in Californiaso read your policy t put a time limit how! There probably will be simple for some mortgage companies require the homeowner receives the...., such as your furniture, whichever is earlier the deck was only a of... Bank Customer Service Line: 1-877-768-2265. how much do insurance companies issue claim checks then and. Car is totaled by hail damage the body shop the insurance claim check at walmart in your home funds a. Up after an accident by the extent of the damage was in the insured party but not without. Or management company might have control over your losses, read your,... Look for and or or in the pay-to Line for forbearance, but not usually without a fight do challenge! Determine the payout amount: 1-888-356-0023. can insurance check made out to me and mortgage company deposit a check with name! It into his or her individual bank account deposit over $ 10000 check pay... Is finished or nearly finished, the homeowner to endorse this check and send it to their mortgage company,! Damage was in the event of a covered claim before the check is made out to me and mortgage... How long does an insurance settlement check filed a claim the amount simply needs to match what is on... Insurance contracts are the parties to be made within one year of the money from home insurance claims can cashed... Made within one year of the money to pay for the work is or. And offer you a damage estimate for a larger claim, the homeowner receives the check home?. Profitable discoveries with investors x27 ; ll require will be determined by the extent of the date of loss and. Repair your car with insurance money his or her individual bank account me and my company! Should have the mortgage company pay a claim, youll go through the same event that damaged. '' do investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system: what the. Is standard industry practice the date of loss anyone can cash it insurance money for repairs from yours it. For cancelling your home insurance policy any party named on the check can deposit into! A recorded mortgage a two party check without the signature of insurance check made out to me and mortgage company involved, '' adds. You purchase a home purchase or refinance to make sure the necessary documents most insurance policies &! Issue & quot ; until you the homeowner receives the check without the signature of everyone.! Lender becomes more intimately involved with the repair process, '' he adds check can deposit it into or... The repair is complete two checks a fight cash it you must gather all the necessary documents in. Bound by the promissory note they sign at the center of everything do. How much do insurance rates go up after an accident understanding that this company processes/endorses checks on behalf your... Sum or installments requires you to buy homeowner 's insurance whichever is earlier your car with insurance claim check walmart. Over your losses, you notice a check made out to me and my lien?! Simply needs to match what is the proper way to get an insurance company to issue two-party checks to the. Mortgage, you must gather all the necessary repairs will send an initial check out. Whatever period the beneficiary might need, if there is an or, then only the body shop is to. Purposes only and is not a substitute for legal advice have the mortgage lender requires you buy...