My house was in forclosure due to a divorce, I was negotiating a Deed in Leiu of forclosure, but last week it burned to the ground. 100% loss of structure and contents. My personal belongings were not covered, only the house. The house was vacant but not empty. I owe about $130K, the bank insured it for 380K. What should I expect will happen? will my debt be paid to the bank? Will I still own the land?
State: 
New York

About The Expert

Amy Bach

Amy Bach has been a professional advocate for insurance policyholders since 1984 and an attorney since 1989. She co-founded United Policyholders in 1991 and serves as the organization's Executive Director and primary spokesperson; shaping and overseeing the Roadmap to Recovery™, Roadmap to Preparedness, and Advocacy and Action programs. She is a nationally recognized expert on insurance claim and legal matters; frequently interviewed in print and broadcast media, and the author of numerous publications including "The Disaster Recovery Handbook", "WISE UP: The Savvy Consumer's Guide to Buying Insurance" and consumer tips and guides in the UP Claim Help Library.  Recognized by Money Magazine as a Money Hero, Bach is in her eighth consecutive term as an official consumer representative to the National Association of Insurance Commissioners, and is a member of the Federal Advisory Committee on Insurance.