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Category: Real Estate Law
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Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
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I had a line of credit on my home. When we took out the loan

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I had a line of credit on my home. When we took out the loan they offered me death and disability on myself and husband at 10% of the balance. We declined because I am on disability and could not benifit. They then offered us death, disability and unemployment on my husband, also at 10%. We accepted this. We paid for two year, we were never given a policy. When he became unemployed I went to file for the insurance only to learn they gave us the first coverage. They said there was nothing I could do. I later obtained a transaction history on our loan and found out that from that date and going back to the beginning of the loan a action was done each month, using that date until the start of the loan. This never showed up on our records, only the one from the bank. I have no idea what they did. I tried to get this correct but they never did. This was 3 years ago. My home is now in foreclosure. Until now I never thought about the fact I may have been able to have filed on my disability, being focused on the unemployment error. We cancelled the insurance shortly after the error. Could there be anything I can do about this now? What type of lawyer could take a took at this closer and advise me?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Pro replied 1 year ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX I'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.


Sorry for your situation.

You need a real estate attorney to review the closing documents and contracts to see exactly what you agreed to and did purchase.

You are entitled to a copy of the insurance policy that you purchased.

A statute of limitations is a law which places a time limit on pursuing a legal remedy in relation to wrongful conduct. After the expiration of the statutory period, unless a legal exception applies, the injured person loses the right to file a lawsuit seeking money damages or other relief.

The statute of limitations in OH for breach of contract are: Written, 15 years; Oral, 6 years; Sales Contract, 4 years.

So you are well within the statute of limitations to pursue a claim against the insurance policy.

Moreover, you very well may have a claim for "insurance bad faith" and fraud against the lender.

Insurance bad faith is a legal term of art unique to the law of the United States (but with parallels elsewhere, particularly Canada) that describes a tort claim that an insured person may have against an insurance company for its bad acts. Under the law of most jurisdictions in the United States, insurance companies owe a duty of good faith and fair dealing to the persons they insure. This duty is often referred to as the "implied covenant of good faith and fair dealing" which automatically exists by operation of law in every insurance contract. If an insurance company violates that covenant, the insured person (or "policyholder") may sue the company on a tort claim in addition to a standard breach of contract claim. The contract-tort distinction is significant because as a matter of public policy, punitive or exemplary damages are unavailable for contract claims, but are available for tort claims. The result is that a plaintiff in an insurance bad faith case may be able to recover an amount larger than the original face value of the policy, if the insurance company's conduct was particularly egregious. [Wikipedia]

So, if you don't know a real estate attorney, then contact a local small bank and ask who they use for their real estate transactions and contact them to review your documents.



If you have any further questions, please feel free to let me know…

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Customer: replied 1 year ago.
Thank you for your reply. Would the insurance company be the one I would go after, or the bank. It was the bank that offered the insurance and didn't change the insurance papers at the closing. Our copy of the loan documents never had any signitures only the forms. I had no idea who the insurance company was, as far as I can recall, not listed on the insurance for, will check. I was told before that when this happen the bank was also the insurance company. And your inforamtion about the bad faith, would this have been because we were given the wrong policy, or could I have filed for me being on disability. It is hard to know what my rights would have been given I was never given a insurance policy, did it exclude preexsisting conditions. Sadly it was right after this happen I went into a divorce and was focused on that and this sorta went to the way side. But, something just never seemed right. But because we tried to save our home, we lost a rental we owned for 35 years, another one we owned for 10, and even after changing to an interest only loan, my mariatl home is in foreclosure and worth $50,000 less than the loan. The bank is trying a modification and now changing the loan to a 40 year mortgage, I will be 100 when it is paid off. Would the real estate lawyer be the one to look at this reguardless of who may be responsible, unless the bank and insurance company were one in the same. We assumed we were given the policy we requested, we paid the correct amount for 2 years, we were given no policies to have leaned the error. It just made no sense we would have taken a policy out for disability on me when I was on disability, and the loan was 2008, the beginning of all the crisis, so made sense we got unemployment on my ex. We had 4 other LOC with this bank, all paid off before but never took out the insurance, but did because of the economey. If I understand you also, the best place to go to find a good real estate lawyer would be to a small bank? My line of credit is with a large bank, in fact one that was found guilty this year in reguards to its pratices, I am wondering if this kind of action was mentioned in the lawsuit. How would I learn if this bank had done this same action and was mentioned in the lawsuit? You have given me alot of good information, and your response was very quick. In the divorce I was given the deed to the home as my ex just walked away and refused to work with the lender to prevent the foreclosuer. Sadly I have now leaned all that did was make me responsible for the debt, while we walked away with all the cash assets. So trying to make the best out of a bad situation, and trying a modification on this home instead of foreclosure. That is a different story. I question if this same bank is doing what is in my best interest in this matter as well.
Expert:  Law Pro replied 1 year ago.
It could be either (the bank or insurance company) depending upon what the documentation shows.


That if you were paying for the insurance - regardless if signatures were "missing" - then you are entitled to the insurance coverage for any number of legal reasons.

Yes, if you don't know a real estate attorney already - a local small bank is a good resource of where to find one (the one that they use) who is experienced in such matters.

So, given your situation and facts stated - I would have a real estate attorney review your closing documents AND your statements over the years to determine what's gone and is going on.


If you have any further questions, please feel free to let me know…

You can always ask for me in your question, “This question is for Law Pro . . (then on with your question) . . . .

Please press the Accept Button(and the Smiley Face if prompted :) if I have helped you today so I am credited for my time assisting you.





Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 23667
Experience: 20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Law Pro and 16 other Real Estate Law Specialists are ready to help you
Expert:  Law Pro replied 1 year ago.
If you have any further questions, please feel free to let me know…

You can always ask for me in your question, “This question is for Law Pro . . (then on with your question) . . . .

Please press the Accept Button(and the Smiley Face if prompted :) if I have helped you today so I am credited for my time assisting you.
Customer: replied 1 year ago.
Thank you for the information. I always felt that there should have been something I could have done. After having multiple loans with the company in past, and the fact that reguardless of the error, I paid the correct amount for either policy. And not been given a policy I had reason to believe I had the correct policy. As why would I purchase disability insurance when I was on disability. But, if they would want to stick to that claim them I should have been allowed to collect on that claim. I stopped paying the insurance on the loan, couldn't afford it. Does this affect what happen to me?
Expert:  Law Pro replied 1 year ago.
I don't think so. But to be sure the documentation must be reviewed to make sure.
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 23667
Experience: 20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Law Pro and 16 other Real Estate Law Specialists are ready to help you

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