What is the name of your state (only U.S. law)? Texas
I bought a property about 8 years ago. I married, had children and occupied that home until the end of July, 2009 (my husband is not on the title or the mortgage). We moved about an hour away, putting my husband closer to his work and our children in a better school district. My husband purchased a foreclosure; I am on neither the mortgage or the title.
Over the past year, we repaired/renovated my property. It was beautiful when completed and we put it on the market around the end of September/early October. My husband and I could only afford to float two mortgages for about 5-6 months, but we were confident it would sell (our first offer came in two days after it was put on the market). If it went into foreclosure, frankly, I wouldn't have felt too badly about it (the bank would be getting a property worth a lot more than I owed and it would've free'd us up to start working on our current house).
The house suffered catastrophic damage at the end of December due to the freeze. My insurance company said they would not be covering the damage (they said it was a matter of "verbage" in our policy). I had a lawyer that specialized in insurance confirm this for me.
I paid the mortgage last month, but now we have come to the end of our financial buffer zone. I can no longer make mortgage payments on the house. -And now it is destroyed. I have NO idea what to do.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
I bought a property about 8 years ago. I married, had children and occupied that home until the end of July, 2009 (my husband is not on the title or the mortgage). We moved about an hour away, putting my husband closer to his work and our children in a better school district. My husband purchased a foreclosure; I am on neither the mortgage or the title.
Over the past year, we repaired/renovated my property. It was beautiful when completed and we put it on the market around the end of September/early October. My husband and I could only afford to float two mortgages for about 5-6 months, but we were confident it would sell (our first offer came in two days after it was put on the market). If it went into foreclosure, frankly, I wouldn't have felt too badly about it (the bank would be getting a property worth a lot more than I owed and it would've free'd us up to start working on our current house).
The house suffered catastrophic damage at the end of December due to the freeze. My insurance company said they would not be covering the damage (they said it was a matter of "verbage" in our policy). I had a lawyer that specialized in insurance confirm this for me.
I paid the mortgage last month, but now we have come to the end of our financial buffer zone. I can no longer make mortgage payments on the house. -And now it is destroyed. I have NO idea what to do.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?