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Updated about 6 years ago,
Bank did not renew insurance and property got on fire in Chicago
My rental property in Chicago was vacant and got on fire. I discovered that bank did not pay insurance premium from Escrow account. And insurance expired. They accepted the mistake. Bank and its adjuster conveniently came up with estimate amount close to principal balance.
Market value for the property range between 60,000 and 185,000
Appraisal while financing was around 57,000
Improvements after financing 30,000
Replacement insurance that bank allowed to lapse was 156,000
Bank adjuster estimate repair to be 35,000
Public adjuster estimated to be 300,000
Bank is only trying to settle the amount close to 35,000. Bank is not willing to negotiate. I requested for replacement cost that insurance would have paid. Bank asked me to go head and file a law suite. Does anybody know attorney would can take up this case in Chicago, IL.
Anyway suggestions will be appreciated.