Insurance claim check under personal not llc
I am writing to seek clarification regarding the insurance claim check that was recently issued to me as the payee, with both my personal name and the mortgage company's name listed. The property in question is a rental property owned by my LLC, while the insurance policy is under my personal name.
Given this situation, I would like to inquire if it is possible for the mortgage company to endorse the check, even though it is issued under my personal name. My intention is to use the insurance claim funds to pay off the mortgage on the rental property.
I would appreciate any guidance or assistance you can provide in this matter. Thank you for your attention to this issue.
Jordan
Is the mortgage in the LLC name?
yes, the mortgage is under my llc and I'm the only sole proprietor
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@Jordan Rodriguez
Why does it matter ?
Quote from @Jordan Rodriguez:Cash the check in your business account
yes, the mortgage is under my llc and I'm the only sole proprietor
My insurance recently issued a claim check in both my personal name my mortgage company but I have since discovered that my insurance policy should align with my Ilc listed on the mortgage. This discrepancy was not previously recognized by myself or the mortgage lender until I received correspondence from my lender indicating that the insurance policy holder's name must match the property owner, in this case, my Ilc. The claim check is way over what I owe on the mortgage.
My plan is to endorse the insurance claim check, send it to my lender to pay off the mortgage, and request a check for the remaining balance. I am uncertain if there will be any issues due to the fact that the mortgage is under the name of my LLC, not my personal name.
My plan is to endorse the insurance claim check, send it to my lender to pay off the mortgage, and request a check for the remaining balance. I am uncertain if there will be any issues due to the fact that the mortgage is under the name of my LLC, not my personal name.
My plan is to sign the insurance claim check, send it to my lender to pay off the mortgage, and request a check for the remaining balance. I am uncertain if there will be any issues due to the fact that the mortgage is under the name of my LLC, not my personal name.
Quote from @Shanequa J.:
Quote from @Jordan Rodriguez:Cash the check in your business account
yes, the mortgage is under my llc and I'm the only sole proprietor
I have to sign the check and send it to my lender because they’re name is also on the check
Im just worried that my lender won’t be able to accept the check because it has my personal name on it not my llc