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Richard, Attorney
Category: Legal
Satisfied Customers: 55302
Experience:  Attorney with 29 years of experience.
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I just asked you about the foreclosure on the home with a sinkhole.

Resolved Question:

I just asked you about the foreclosure on the home with a sinkhole. I have a large check that I am holding onto that my insurance company gave for repairs to the home after sinkhole is stabilized. The check is made out to me and the Mortgage Co. They are aware of the check amount and are trying to get me to send it to them. If I decide to stop paying the mortgage payment and go into foreclosure should I send this check to the mortgage company or just let the check expire? It's good for 6 mo.
Submitted: 5 years ago.
Category: Legal
Expert:  Richard replied 5 years ago.

You should give the check to the mortgage company. You will get credit for it against the principal balance of your mortgage and it will reduce the deficiency and therefore reduce the likelihood the bank will pursue the deficiency because the small the deficiency, the less likely they are to pursue because they weigh the deficiency against the cost of pursuing it.

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