Legal Question in Real Estate Law in Indiana
mortage insurance policy
My husband died three years ago, at that time, I was told the life insurance on our second mortage had expired by 23 days. We were NOT notified of this expiration. The finance company said we were told this would expire in five years after mortage was taken out but I don't remember it. My husband was so adament to carry insurance, so I know he didn't know it. I have been paying on this for three years, after mortage company refused me. But I have always (deep down) thought there should have been at least a grace period or notification. I talked to a lawyer friend and he said he thought I would be chasing ''uphill'' and throwing away money pursuing this. But I am not so sure and can't get the unfairness off my mind and am still paying on a 33,000. loan that I can little afford, living on a fixed income. I tried to contact the insurance but they never responded to me. Do I have any options in this, please help.
2 Answers from Attorneys
Re: mortage insurance policy
Try contacting the Indiana Department of Insurance. That will not cost you anything. Also, you did not mention whether you had a copy of the policy. You should read your policy for expiration and notification requirements.
Re: mortage insurance policy
There are several options available to you. you can contact the insurance company and request a copy of the document to verify this is correct to begin with. The you can contact the department of Insurance for them to verify as well. You may also contact the attorney general for assistance. If in fact you did not have insurance and it did laps, you still have more options on how to handle the 2nd mortgage. Please email or call directly for a free consultation and we can discuss all your options available to you.
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