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what do you do whenever you get your check back from your insurance company to cover all the storm damage that we've recently had in this area and the check has the mortgage company's name on it that's what this video is gonna be about today how to contact your mortgage company how to start that process the forms you're probably going to have to fill out or collect from your contractor what's the time frame that's going to take how the mortgage company was gonna send you the money and also the inspection process so let's dive straight into this video and get started hello I'm Richard with acumen contracting and I'm making this video today to talk a little bit about what you need to do whenever you receive your check from the insurance company and it has the mortgage company's name on it this is something that you want to be very careful about and whatever you do contact your mortgage company to find out what you need to do to get this process started that you follow their guidelines very closely because if you don't it could cost you a lot of time through this process now whenever you receive that check the first thing you're going to want to do is contact your mortgage company and let them know what you've got and how to proceed with this use well every mortgage company is going to have a lost draft department that that handles this type of information so whenever you call them they're going to tell you exactly what you need to do you're going to start the claim and they're gonna sing you out a package telling you exactly what they need for you to send in now some of these mortgage company is going to be as simple as taking the check endorsing it taking it to your local mortgage company if you have one there in your area and they're going to endorse it and then you can just deposit that right into your account now some of them are a little bit more difficult they're going to want you to go ahead and endorse the check send it to them so they can deposit into their account and then they're going to disperse the money depending on where you're at throughout there's some process you know what you got the roof done or if you got a bunch of different things going on they're only going to pay you whenever you get one part of this job done the other mortgage company some of them you just go ahead and send the cheque in they'll endorse it and send it right back to you and you can go ahead and deposit into your account they're all different but it says you call your insurance company and you get that package back they're gonna let you know exactly what to do depending on what type of mortgage you've got now what I've got here I've got a package at a mortgage company sent us here recently about one of our clients and what they was asking for so I thought I'd go over it uses kind of an example of what you might expect now right here one of the first things they asked for with this mortgage company is an endorsed insurance claim check okay so they're gonna with this company they're going to want homeowner to endorse it and send it to them they're going to pause it into their account and as you get work done they're going to send that money out the next thing they're asking for is an insurance company adjusters worksheet now what that is is whenever your adjuster from your insurance company comes out to adjust the damage on your property sometimes they give it to you right then sometimes it takes a week to 10 14 days to get that information whenever you get that information that's what they're gonna want to see and that's what you're going to want to send in with your check so that way they know exactly how much is being paid for each and every item and how to send that money out okay so the next thing they want is a signed contract so whenever you get a contract from your contractor now if you're working with us we're gonna fill out this contract we're gonna know exactly how to fill it out exactly how to sit it into the mortgage company and exactly what they need but if you're working with someone else you're in another area we'll we we don't do any work you're going to want to make sure that that contract is very precise and correct because if you don't get it right it's up to the person that's at the mortgage company to interpret that contract and what's supposed to be done and what's not supposed to be done in the amounts now whenever you get that going on if it's not very clear you get a breakdown in communications and it could take a long time to sort through that and getting approvals to send the money out through the mortgage company and making sure it's okay to do this so you don't want to let something just be thrown up in the air and be and have to be decided by that claim handler handling that claim how much money to send out so that's very important okay the next thing on this list is a contractor's waiver of lien they're going to want that filled out so that way after they pay all the money to you and it's paid and the contractors get it the contractor can't go back and file a lien on your property because they've already got a lien waiver signed before the work has even started so that's pretty standard just pretty much if they have a mortgage company okay they want a w9 so filling out a w-9 is a we have our own w9 we can fill out with this particular mortgage company they want us to fill out their own text documentation and send them with their letterhead on it so make sure you follow their directions exactly the way they say they also have on here copy of contractor's license now in the state of Texas you don't have to have a license to do roof repairs or you know to to do this type of work so license is not required so you also want to send in a documentation stating that the license is not required in that area now a lot of these other states out there surrounding Texas you got to have a license to do that type of work so you want to make sure that you send that to them that you don't have it or don't have not the interest but you don't have a contractor's license and tell them it's not a beatable in that state okay what else they also have on here the different ways of mailing the information in they have one regular mail address that you can send it in they have an overnight mailing address and they have a fax number now what I do we typically overnight everything in the overnight package and then the fax number if they got an email I will overnight it I will fax it now email the same information to all three of those different sources now what that does it keeps them having a breakdown in communications because let's just say they get the overnight package and the claim handler misplaces one little sheet of paper it can hold up your entire claim but if you send it three different ways the chances of them losing one bit of information it goes dramatically so that's one important tips to keep in mind whenever you're you're sending all your information in but if we're doing it you don't even have to worry about it we'll just get it done let's see here what else they have on him the different ways they send out money and they also have a detailed information on this shoot like this is say your claim is under ten thousand dollars with this particular mortgage company they're not going to hold any money out they're just going to endorse it and send it back to you if it's over ten thousand they're going to actually have an inspection process that they go through and different other things that they have to do whatever it's over ten thousand but they have all the details here and numbers you can call to ask questions about that there's also a number on here for the inspection after all the work is done and you need inspection or if the work is fifty percent died and you need an inspection to go out there to go ahead and take place that way you get fifty percent of the money you can go ahead and call that number but if it's a roof or just two gutters that you're doing on your house those are usually done in one or two days so I'm you one hundred percent done just right off the bat as soon as you call them your hundred-percent dies so there's not a 50% waiting period do fifty percent then go on to the next phase it just doesn't exist let's see here I think I've already went over the contractors waiver of lien they got though their own form in there they want you to fill out let's see here the text information oh yeah a third-party authorization forms if we're going to work with you and your mortgage company I'm gonna want to get a third party authorization filled out so that way I can send them in to the mortgage company and work with them personally because I'm going to follow up with them every three days or so to make sure that they've got the right information and once they do get the right information I'm gonna verify that they have everything they need and then I'm gonna follow up with them whenever the cheque is sent out make sure the check was sent out what's the amount of the check that was sent out and just keep following up with them every step of the process to make sure there's no lag time because if something is missing something's wrong at the mortgage company they're not going to notify you or me and say hey we need this so it's got to hold up your check they're just going to simply wait until someone calls them to get whatever they need so that's another important tip to always follow up with the mortgage company and that's what we do let's see here what else do they have here more information about the overnight package that's all I have on this particular package right here but if you have any questions about the claims processing system give me a call or send me a message I'd be more than happy to answer any of your questions if you'd like to use acumen contracting to be your contractor everything that we do is working with the mortgage company and your insurance company we don't charge any extra for that working with you nothing at all so that's definitely a added plus to take a lot of headache off your plate and when dealing with your mortgage company or your insurance company so be sure to contact us I'm gonna put a form on this website that you can fill out the next it's going to go straight to me and I'll look at it I'll either come out there myself or send one of the sales reps out there to go over your options with your mortgage company with your insurance company and the best way to go about everything so that way this is done as quickly as possible so uh another thing about this information that whenever you fill out this form we don't sell it to other companies we don't we're not a lead generation company all this information that you tell in the form is specifically just for us nobody else so you can feel safe and secure whenever you do fill out that information that it's it's staying within this company so like I say if there's anything that we can help you with be sure to give us a call I'm going to be making more videos about different parts of the insurance claim process that you can watch to get more details about each and every part of this claim process so be sure to look go to our YouTube channel watch our videos our facebook look over our website get to know acumen contract a little bit more and I think that's it see you in the next video