Legal Question in Real Estate Law in Florida
I have a property the i am over 6 month behind on payments and the trailer burned down recently. My insurance co sent me a check for the limited value in the name on me and the mortgage co. The mortgage co said to send it signed to them and they will be keeping the entire amount because the value of the property has decreased due to economy and now the loss of the trailer. They have not filed formal foreclosure but have threatened and were going to send me papers to just turn it over to them without going to court. I was going to do this but never got the papers. Am I entitled to part of the money for my loss. The payment would cover the arrears on the payments and still have $20,000 left but the total still owed is 90,000. The current value would not be anywhere near that.
1 Answer from Attorneys
Your bank gets "first dibs" on insurance money, until your debt is paid in full. You are not entitled to receive money from the insurance settlement, unless the insurance payment was for more than the amount of money that you borrowed, and still owe. This fact has nothing to do with the value of the property.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
