Q: I had a 10 Year HELOC that matured in Dec 2105 with a zero balance. Can the servicer purchase property insurance in
in 6/16 and send me a closing statement May 2018 requesting repayment of the money they spent on insurance?
A:
If your mortgage matured more than 5 years before the placement of insurance, then the lender at that time had no insurable interest because of the statute of repose.
This is a very specialized issue and if there is no satisfaction of mortgage, you may need to do a quiet title action to clear the apparent lien of the mortgage from your property.
Since they had no insurable interest, no, they could not or should not have charged your for insurance.
A: Your facts aren't clear. Your loan matured in 2015 (assume that's what 2105 meant)? When was the insurance they are claimed for; what year? If the taxes were for years before 2015 then you may still owe it. State 95.281(c) does address taxes in that "For all obligations, including taxes, paid by the mortgagee, 5 years from the date of payment." So, assuming the taxes were for a year prior to 2015 when the lender has a lien interest to pay the taxes, they have until 5 years after paying the taxes to collect from you.
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