Legal Question in Real Estate Law in Florida

Re: mortgage company holding insurance settlement

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Reply: The use of the funds is dependent on your mortgage agreement. The bank has a right to protect its investement and that is why the check is made out to you and the bank. They have to relese the funds for your repairs, but you have no right to use the funds for other things. You need to review your insurance policy and if you need help in interpreting it you should consult with an attorney in your area.