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Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 101933
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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The person in charge of paying bills stopped paying the

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The person in charge of paying bills stopped paying the hazard insurance. There are no funds left to pay the insurance. My mortgage holder is going to purchase insurance and charge me. What can I do? The other owners are refusing to pay extra to reinstate the insurance
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation. The lender often has a requirement that insurance be paid (this may include hazard insurance). If it is not, the lender can purchase their own and add the sum to the mortgage payment. This is standard.

Unless there is an agreement between the owners in writing as to who should pay the insurance, then there is no mandate that each owner pay their equal share of insurance proportional to their ownership. There is no automatic, statutory division of liability for insurance.

I am guessing no such contract is in writing. If not, then the owners really have little option. They must pay the insurance (one of them most of it, or all of it divided between each other, however they want to), or the lender will add their own insurance and increase the mortgage amount.

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Expert:  Ely replied 1 year ago.
Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. I am simply touching base. Let me know. Thanks!