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Can a mortgage company take your home if a insurance refuses to insure property?
Wiki User
∙ 10y ago
The Mortgage company can foreclose on your home if you fail to meet the requirements you agreed to in your finance contract.
Hazard Insurance on a home is almost always required by the lender under the terms of the contract. Failure to obtain and maintain the required coverage is a default on your loan, much the same as if we miss mortgage payments.
The mortgage company would not foreclose because your home is un-insurable. They would foreclose because you failed to purchase the required property insurance.
It is up to the homeowner to maintain the home in a condition that it can be insured.
Wiki User
∙ 10y ago
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Is your bill paid if a loan company refuses your payment?
no. it depends what company
What options are there if spouse refuses to pay one half of mortgage payment?
The options include: stop paying the mortgage and let the bank repossess the house; pay the entire mortgage yourself; divorce the spouse and move out; divorce the spouse and stay, while your spouse moves out; find out why your spouse refuses to pay half of the mortgage and see if some agreement can be reached; seek cheaper housing; go on an extended backpack tour of Europe; enlist in the army. That's about it.
Someone who refuses to have dealings with a store or company out of principle - The answer rhymes with otter.?
boycotter
You signed off on the house during the divorce The loan is in both names The deed is in his name TX He refuses to refinance How do you get out from under the mortgage so that you can buy another home?
You have a serious problem. This matter should have been resolved at the time of the divorce. Your ex-husband should have been required to refinance the property to get your name off the mortgage in exchange for your signing your interest in the property over to him. All your bargaining power was present BEFORE the divorce was granted. Your leverage was your interest in the property. If you were represented by an attorney that attorney failed to protect your interests if this issue was left unaddressed and you should complain to your state board of bar overseers. Generally, when a divorce is granted, the parties declare that all matters between them have been addressed and they will have no further claims against each other. Unfortunately, you left yourself responsible for the mortgage on your ex-husband's property. If it goes into foreclosure your credit will be ruined. You need to consult with an attorney who can review your situation and discuss your options.
Bank Foreclosure: a Homeowner's Overview?
Since the U.S housing market bubble collapsed in 2008, bank foreclosure has become a reality for millions of homeowners. People who understand foreclosure rules have the best chance of keeping their property or minimizing their personal losses if the foreclosures go forward.What Is Bank Foreclosure?Every mortgage spells out the lender's remedies if the mortgage holder fails to make timely payments or properly maintain and insure a property. A bank choosing foreclosure to protect its loan investment takes physical possession and legal ownership of the home. It can then attempt to sell the real estate for enough money to cover the remaining balance on the loan.What Triggers the Bank Foreclosure Process?Foreclosure typically follows a borrower's sustained failure to meet the mortgage terms. Missing between three and six months of payments, dropping insurance or damaging the property enough to significantly reduce its value can trigger foreclosure. Each state has a specific legal process allowing the bank to transfer the home's title back to itself.Costs of Bank ForeclosureA bank assumes legal, postage and advertising fees for each property it places in foreclosure. More fees accrue if the home actually goes to auction. Borrowers have the right to correct the mortgage situation throughout the foreclosure process, but they must also pay the bank's foreclosure fees. The best scenario for a borrower is to avoid foreclosure if at all possible.Avoiding ForeclosureMeeting mortgage payments on time and properly maintaining and insuring a home is sometimes impossible, especially following a job loss or medical emergency. In these instances, it is best to notify the bank immediately and negotiate a temporary change in mortgage terms. This change can lower the monthly payments to a manageable level until the borrower's financial situation improves.It may also leave money necessary repairs and insurance premiums. If the bank refuses to negotiate, the borrower can attempt to refinance through another lender or sell the home and pay off the loan. Bank foreclosure seriously damages a credit history and makes it difficult for a borrower to obtain future mortgages.
Can you sue at fault driver in California who has insurance if his insurance company refuses to pay your claim for medical expenses or do you have to sue his insurance company?
yes. you can sue an at fault driver if his insurance company refuses to pay your claim. it would not be proper to sue the insurance company.
how to get insurance papers of contractor who refuses to give them?
If your contractor refuses to give you copies or originals of the insurance papers, contact the insurance company themselves. If the insurance company name is not known, call the state you live in to inquire.
I sold my house and my insurance company refuses to cancel my homeowners insurance unless I supply them with a settlement closing statement I live in Florida Is this the law?
If your home is/was mortgaged - the insurance MUST be in effect as protection to the mortgage holder. The insurance company is just making sure that you are not cancelling what is MANDATORY coverage to save yourself some money.
How much will you have to pay to get your car back if it was totaled and the insurance company refuses to pay?
The insurance company will pay you the worth of your car minus your deductible.
What can a company do if an ex employee refuses to return company property?
If it is company property then the ex-employee has no choice but to return it! If they refuse then the company can report it to police as a theft and you can be charged criminally.
What is recourse for homeowner whose insurance company paid contractor in full and contractor refuses to complete the job as agreed to with the insurance company?
Your contract with the tradesman is between "You and the Contractor", He did not contract with your insurance company. All the insurance company did is agree to pay the bill for you. So you would need to bring your own civil or criminal action against your contractor depending on the circumstances.
If partner moves out and refuses to pay mortgage can you change locks?
Only if their name is not on the property deeds, if it is then it is legally half theirs also and you can not lock them out. Only the sheriff can lock you both out by the bank
What happens if the at fault party of an accident refuses to contact his insurance company to report it?
You only need to report it if you are expecting some compensation.,
If a joint tenant moves out of the property and out of the state and refuses to pay the mortgage can the other joint tenant claim abandonment and gain total ownership of the property in Delaware?
i would like too know the answer to this question too except im in California do the laws change
How can one force a quitclaim to property of a sibling who inherited an equal part but refuses to make equal payment of the mortgage?
I recommend contacting a lawyer or at least a Realtor. You may have to file suit to get action from the sibling that is falling behind. It will be worth it to not lose the equity in the property.
What happens if you have an accident and your insurance company refuses to pay?
Many health insurance companies offer what is called "Pay and Chase". Meaning, your health insurance company will pay your hospital claims and chase the automotive insurance for the rest of the money. It is possible that you may have this type of plan. If that is not a possibility to you, you could entertain the possibility of legal action. It might be far less costly and stressful to contact your insurance company first.
What can I do when a health care insurance refuses to give treatment?
You may want to contact your health insurance business office and find out the reason for the refusal to pay for treatment. Each insurance company has their own rules and regulations regarding what they will cover.
