Legal Question in Real Estate Law in Florida
single family mortgage
We had a house fire. Complete loss. I recieved my insurance check 150K. I owe 165K and do not want to rebuild or sell property. My mortgage company is telling me I cant use the settlement check for paydown.
1 Answer from Attorneys
Re: single family mortgage
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You should be able to use the monies to paydown the mortgage but only if you pay if off in full. The lender does not want to participate in something that will leave them losing $15,000.00. If you cannot resolve this on your own, retain an attorney who can negotiate with the lender on your behalf.
Scott R. Jay, Esq.