Legal Question in Banking Law in Florida
The roof of the home I live in was damaged by tornando winds. Bath, kitchen and wood floors were damaged due leaking water. I'm paying insurance on the property, but I'll lose the property in a foreclosure sale in ten months (Jan.2011).
Insurance company sent a check endorsed to me and bank. The bank wants me to sign check and mail to them.
Is it legal for bank to keep funds paid by insurance company, and not return funds to me too make repairs on property since I owe them?
Asked on 2/22/10, 7:09 am
1 Answer from Attorneys
Matt E. Bales, Jr., Esq.
Bales & Bales, P.A.
Generally your loan documents require you to make the bank a loss payee on your insurance policy so that the bank can ensure that any insurance proceeds paid will be used to make repairs to the property.
Answered on 2/27/10, 7:17 am
Related Questions & Answers
-
I saw a special on msnbc on a man who became rich off of tranferring money through... Asked 2/19/10, 6:57 am in United States Florida Banking Law
-
My bank does not post any credits (returned items, social security, pensions) right... Asked 2/17/10, 10:35 am in United States Florida Banking Law
-
I signed a month to month lease on a tri-plex, this lease was signed on 12/28/09.... Asked 2/10/10, 4:35 am in United States Florida Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
