Posted on: 17th Dec, 2009 06:10 am
we had insurance on our house and it cancelled and there was a lapse for 2 months. now our leinholder is trying to foreclose on our house. wanting to know if they can do that.
check your documents and you'll notice that failure to provide homeowner's insurance coverage would be a condition of default. yes, the lender has the right to bring foreclosure proceedings against you for this lack. i'm a little surprised to hear they'd do that. have you neglected to reinstate the coverage? have you been given an indication that they won't go through with foreclosing if you do reinstate?
reinstate immediately and i think you'll find the foreclosure process ending.
reinstate immediately and i think you'll find the foreclosure process ending.
bri nic, part of your loan agreement was to have the house insured. If you default on that then you are in breach of your loan agreement. Most likely the lender would compell you to have insurance paid through your mortgage payments andnup the payments accordingly if they found ourt, or as gmak mentions they can foreclose.
Homeowners is one of the most affordable insurances there is - if you've found the payments too high you may not have the right cover and might want to look at other options.
Homeowners is one of the most affordable insurances there is - if you've found the payments too high you may not have the right cover and might want to look at other options.
