[StBernard] Demand letter for mortgage

[Westley Annis]

SBA is incorrect telling you that you can contact the insurance company to
reissue a check in your name only.  If you still have a mortgage on the
home, then the mortgage company still holds an interest in the property.
The only way to have the mortgage company's name removed from the check is
if you can prove your loan was previously paid off.  The insurance company
will not just take your word for it.  They will require written verification
from the mortgage company before they will issue a check in the borrower's
name only.  

You have two choices.  You can either payoff your mortgage with the proceeds
from the settlement check or restore the property to it's pre-storm status.
If you choose to restore the property then your mortgage company will more
than likely set up an Escrow account to deposit the insurance proceeds and
monitor the repairs and release funds as needed.  

Get a copy of your mortgage document and read through the list of Borrower
and Lender covenants and agreements.  Review the INSURANCE provision.  You
may want to submit a copy of it with the demand/or not so demand letter you
receive from the mortgage company.  You can obtain a copy of your mortgage
from St. Bernard's Clerk's office if yours was destroyed in the storm.  

Tracey