Legal Question in Real Estate Law in California
Foreclosure
My house is going into foreclosure on Dec 30th. I am in a lawsuit with my homeowner�s insurance company, the mortgage company is not aware of the suit. The house is damaged and will cost $800k to fix. I owe $1.6 and in this market that�s about what it would sell for if repaired and some other factors. Would anything happen legally, if I disclosed that fact to them about the lawsuit and the house repair? Could they lay claim to the lawsuit proceeds (if there ever is any) which have not occurred yet?
2 Answers from Attorneys
Re: Foreclosure
The check is going to be made payable to you and the mortgage company, you couldn't cash it without forging their endorsement, so why not tell them? Consult a bankruptcy lawyer about filing chapter 13 which would bring the foreclosure to a grinding halt.
Re: Foreclosure
This is a broader question than i can answer quickly. I wonder if the homeowner's insurance company has any responsibility for the foreclosure if they breached their obligations.
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