Shelby, NC asked in Real Estate Law and Banking for North Carolina

Q: I have a new house we are are in our second year. We have an escrow account but the bank did not pay our priemum

the insurance will not reinstate our insurance and the bank says they cant help. What recourse do we have?

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1 Lawyer Answer
Anthony M. Avery
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A: Assuming the Bank failed to pay Insurance from the escrow, suing for negligence, breach of contract, etc. is not a good option as foreclosure will result. You must find insurance immediately as foreclosure is imminent. A refinance might get that Bank out of your hair, but insurance and taxes must again be took care of. If foreclosure is initiated, you could sue to enjoin the same due to the lender's malfeasance. But again obtain insurance now, with or without your present lender.

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