Does My Lender Have Any Say Regarding Settlement Checks For Home Repairs?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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Mortgage lenders will require that all the money paid by the insurance company be used for repairs on the home. To protect its financial interest, the mortgage lender will require the insurance proceeds to be paid into an escrow account from which contractors, materialmen, and labors will be paid. The lender cannot keep the proceeds of a settlement to cover your loan balance.

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