April Foreclosures
Does damage already paid through an insurance claim need to be completed if home is going to foreclosure?
My best friend is letting her home go to foreclosure due to extenuating circumstances. She had water damage in April and the insurance company is going to pay her out this week on the damage ($6000). The repairs have not been completed and since she is letting the house go to foreclosure, she is contemplating getting the repairs done at all and pocketing the money. Are there repercussions for this? She is afraid of getting accused of insurance fraud. Should she do the minimal drywall work just to make it presentable? Will her claims impact her ability to get renter’s insurance for her new residence? Thank you for your help!
Well, she’s in for a bit of a surprise, because likely the check will be made payable to both her and the bank – and she’s NOT going to be able to cash it.
I seriously doubt the bank is going to sign off on it until they’ve had THEIR guy confirm that the work is done – because they know she’s financially shakey.
Yes, this claim could impact her ability to get renters insurance – but her credit score is much, much more likely to prevent her from being able to get renters insurance, and will likely be a problem if she’s trying to rent from someone that does credit checks as part of the screening program.
Foreclosures Sacramento, Anatolia April 2010
|
|
60 Minutes: The Next Housing Shock (April 3, 2011) $17.95 Airdate: 4/3/11 When Wall Street created mortgage-backed securities — those investments whose mass failure triggered the recession — it did so in such haste that many of the mortgage documents went missing. This means that when banks want to foreclose on homeowners, not only are missing documents a problem, but forged ones are as well. Is this new crisis going to delay the real estate market’s … |
|
|
Learn how to do foreclosure defense work.: An article from: Florida Bar News $9.95 This digital document is an article from Florida Bar News, published by Florida Bar on October 1, 2008. The length of the article is 1096 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Learn how to do foreclosure defense work.Auth… |
|
|
Congressional Oversight Panel April oversight report: evaluating progress on TARP foreclosure mitigation programs $28.19 Original publisher: Washington : U.S. G.P.O., 2010. OCLC Number: (OCoLC)611999345 Subject: Foreclosure — United States — Prevention. Excerpt: … 9 20 after June 1, 2010. Currently, servicers can offer trial period 21 plans based on stated or verified income. This new directive was intended to make the HAMP modification process more efficient as well as to streamline documentation requiremen… |
|
|
Foreclosures may have peaked.(Business)(U.S. filings declined in April, showing that defaults have begun to level off, one expert says): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on May 13, 2010. The length of the article is 388 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Foreclosures may have peake… |
