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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
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.
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