If my home was foreclosed on, didmy the insurer of my homeowner’s policy have the right to pay thepolicyout of my escrow account?
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If my home was foreclosed on, didmy the insurer of my homeowner’s policy have the right to pay thepolicyout of my escrow account?
I feel that I’m owed this. How long is the statute of limitations?
Asked on November 10, 2011 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Whether or not your insurance carrier was obligated or not to pay any property damages out of your escrow account concerning your foreclosed home depends upon what the terms and obligations are with respect to insurance money under the mortgage or trust deed that was foreclosed upon.
If the home was foreclosed upon, you were not making your mortgage payments most likely. The insurance money was probably for damages to the security for the loan. Most likely the lender was entitled to the insurance proceeds per written documents you signed long ago. The statute to get the moneys you feel you are owed paid by the carrier would be at least a two (2) year period.
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