Insurance check issued on a sold foreclosed property in both the prior mortgage company and prior owner’s name
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Insurance check issued on a sold foreclosed property in both the prior mortgage company and prior owner’s name
I am the previous owner of a foreclosed property that has been sold at auction for more than the mortgage balance. Prior to foreclosure, there was an insurance claim for fire damage. A check has been issued for the damage but in the names of myself and the mortgage holder. As stated the house has been sold at auction fetching a price greater than the mortgage balance, plus the mortgage was a TX home equity loan mortgage so there can be no deficiency from auction sales. Being the owner when the claim occurred and the mortgage company having no outstanding financial ties or claims, how can I get the claims check endorsed and deposited?
Asked on October 31, 2019 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
There is easy guaranteed way to do this. As a first resort, ask the lender to have someone endorse the check to you, since they have already been made whole. If they refuse to do so, however, you would have to sue then and seek a court order compelling them to endorse the check to you and in the case prove to the court (which based on what you write, should be straighforward) that the lender has already received everything to which they are entitled.
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