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My House Burned Down But The Insurance Didn’t Pay Off The Two Mortgages. – Michael

“Dear Steve,

Real Estate Issue: In 1998 i bought a house in 2000 the house burned down it had a first and second mortgage, i assumed that the insurance company paid off the both loans. i havent heard anything about any loans til 2008 when the second lien holder (BHM) sold the account to (WCR). (WCR) is now trying to forclose.

Is there a statue of limitations on a revolving account for real estate in mississippi? and what should i do to have this forclosure stopped?

Michael”

Dear Michael,

Wow, this is a horrible situation. You need more than reliance on some potential statue of limitations issue. You need immediate legal help. I would suggest you contact a local real estate attorney to get to the bottom of this mess.

If the insurance company never paid out on the second mortgage was it because the policy did not cover the second mortgage, or did they pay and it wasn’t recorded properly by the mortgage company? There is much more to this story that the attorney will need to uncover.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

morehelp1

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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