Legal Question in Real Estate Law in Michigan
home foreclosure sale
On Feb. 20th my home was to be sold at auction. On Feb. 26th I received a letter from my homeowners insurance company stating that we no longer had ins. on the home due to the fact that we no longer lived there (they were informed by our mortgage company). We have not in fact abandoned the home. We still live there and still have a full home of furniture. I understand that I have 6 months in Michigan for a redemption period in which i have to pay the amount owed or move out, but this has me questioning who is responsible for the insurance on the home. I know I should insure my belongings, but do I insure the actual structure or is the person who bought the house responsible for the structure insurance? I have called the insurance company and re-instated the full coverage until I am informed otherwise. It would be nice to not have this extra expense though considering the hard times. Also, how can i find out if my home actually sold at auction? Thank you for your advise.
1 Answer from Attorneys
Re: home foreclosure sale
You should receive a notice indicating whether or not your house sold, and the amount it sold for. If not, then call the law firm who was handling the foreclosure (most likely Trott & Trott in Farmington Hills). You can also contact the county office to find out if it sold.
With regard to homeowner's insurance, your lender or whomever bought the house has insurance on the house. However, it may not necessarily cover your contents, so you should have insurance that covers your contents and any personal injuries in the event you are injured in the house. Once you call your insurance company and change the policy, they will issue you a check for the difference since you are not insuring the value of the house or the cost to rebuild the house.
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