This topic contains 2 replies, has 2 voices, and was last updated by Anonymous 7 years, 8 months ago.
- May 12, 2011 at 6:22 pm #209403
- June 20, 2011 at 9:11 am #442664
You should call a lawyer and discuss filing a Chapter 13 bankruptcy. That will take all the money you are behind on the house and spread it out over 5 years. You’ll still have to make the regular mortgage payment – plus the trustee payment to catch up.
- June 20, 2011 at 9:55 am #442665
Yes, as long as the insurance is in place.
You’re demonstrating exactly what I recently read in an article in AM Best – homeowners in foreclosure, are 25X more likely to file an insurance claim. This is one of the reasons WHY credit score is such a good predictor of claims, for homeowners policies.
If your claim is for damage to the building, the check will be made payable to you, and BOTH lenders. You’ll never get the check.
The bank, however, isn’t allowed to take the money and apply it to your late payments. They have to hold it in an escrow account, to pay your contractor, as the repairs are made. You, of course, will still have to cough up the deductible under your policy.
You can get around this, by having the insurance company pay the contractor directly, after you’ve signed a “direction of pay” paper – but don’t sign off on the work, until it’s actually TOTALLY completed.
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