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What do banks do when a house has a sink hole and a mortgage?

Updated: 9/18/2023
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ConnieKasparian

Lvl 1
12y ago

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Sun Trust will no allow you to refinance your mortgage at a lower rate, even if the sinkhole was fixed. From what I have read, you have to pay off the original mortgage, first, in full, then start all over again - which means title search, survey, and all the fees you have already gone through before. Then, who is to say you would even get a better rate, because of your sinkhole history, repaired or not.

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Q: What do banks do when a house has a sink hole and a mortgage?
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