Property Loss / Insurance Claim Check

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American Home Mortgage Servicing Inc. understands that if your home is damaged, whether it is a small claim or a complete loss, it can be a very difficult time for you and your family. Our goal is to assist you through this process; and we have provided helpful answers for some of the frequently asked questions related to insurance losses for your home. These questions and answers are designed to provide you with guidance when you receive an insurance claim check (also known as an insurance loss draft) as a result of a filed claim with your insurance company. You can always contact our Property Loss Department directly at (866) 343-4346 during normal business hours or at the following address:

American Home Mortgage Servicing Inc
ATTN: Property Loss Department
PO BOX 53930
Irvine, CA 92619

Business Hours :-
Monday – Friday
7 AM CST – 9 PM CST
Saturday
7 AM CST – 4 PM CST

Property Loss

  • Why is American Home Mortgage Servicing Inc listed as a payee on my insurance claim check?

American Home Mortgage Servicing Inc. is listed as a loss payee on your insurance policy. We will be included on any insurance claim check because we have a secured interest in the property. Our responsibility is to ensure that the property is repaired in the event of damage and restored to its original or higher value.

 

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  • I received an insurance claim check, how do I cash it?

If the total amount of your claim falls below $15,000.00 and your loan is current and in good standing, the unendorsed insurance claim check can be sent to us for endorsement. We will immediately return the endorsed insurance claim check to you so that you can begin repairing your home. If the total amount of your claim exceeds $15,001.00 or your loan is currently in default, the insurance claim check must be endorsed and sent in to us to be deposited as a monitored property loss claim.

 

The toll free number is (866) 343-4346. The address is: American Home Mortgage Servicing Inc, ATTN: Property Loss Department, PO Box 53930, Irvine, CA 92619.

 

  • What is the difference between a Monitored and Non-Monitored Claim?

On Non-Monitored claims we endorse and return the insurance claim check to you without further conditions. A Monitored claim requires that the insurance claim check be deposited with us and we will monitor the completion of repairs with scheduled inspections. The final disbursement will be made only after all repairs are complete. Our priority is to release all insurance claim funds as soon as possible so that the damage to your home is repaired with minimal inconvenience.

 

  • Why do you distribute the insurance claim funds in 1/3 increments?

Providing the funds in increments protects you from contractors who would complete part of the work and still get full payment without completing the entire job they were hired to do.

 

  • What if I need more than 1/3 of the funds?

You must submit a request that is signed by both you and the contractor. We will review the request and determine whether additional funds can be released.

 

  • Can I use part of the insurance claim funds to bring my loan current?

No, all insurance claim funds must be used to repair/rebuild the property. If the repairs are completed at 100% and confirmed with an inspection, the funds may be applied if the request is made in writing.

 

  • Can I payoff my loan with the insurance claim check?

Yes. If the amount of the claim exceeds the outstanding principal balance on your loan, send the endorsed insurance claim check and adjuster’s report with a letter authorizing us to use the funds to pay off the loan. If the amount of the check is less than the total amount owed on the loan, and you want to pay the loan off, you must send certified funds for the difference along with the endorsed insurance claim check, adjuster’s report and a letter authorizing us to pay off the loan. Any funds exceeding the amount required to pay off your loan will be refunded. However, if you do not wish to pay off your loan, the insurance claim funds will be processed according to the monitored insurance claim procedures.

 

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  • My loan is paid in full. Why haven’t I received the excess funds?

All remaining funds will be refunded to you within 15 days from the date of the payoff. This allows sufficient time for the loss draft funds to clear the bank.

 

  • My loss draft is for damage on the barn, shed, garage, etc., and I do not want to repair it. This structure was not part of the mortgage. Can I keep the money and not repair the damaged building?

If your loan documents state that you will keep the improvements now existing or hereafter erected on the property, insured against loss, then you must replace the damaged structure. Any exceptions to this must be handled on a case by case basis. You will need to discuss the details of the structure involved in the insurance claim and the reasons the structure cannot be replaced with the Property Loss Department.

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Property Loss / Insurance Claim Check
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