Although insurance payment checks have been cut, Florida homeowners are calling the state’s storm victim hotline to complain because they can’t cash them. Callers have been telling hotline operators that insurance companies have been making checks payable to both the homeowner and the mortgage holder and can not be cashed without both signatures. Bethany Corum, executive vice president for the Florida Bankers Association, told the Fort Myers News-Press that FBA members are working with customers to make the process move as quickly as possible. Corum said banks do this to protect their collateral and their customers. She explained that if all the funds are released and if there is incomplete or shoddy work, customers come back and ask why it happened. Corum emphasized that FBA represents banks in Florida, and said that mortgage brokers in other states may require different procedures.
Topics Florida Homeowners
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