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Who owns the house after insurance company pays off mortgage following a total fire loss?
my mortgage balance is less than the total loss insurance claim check, how do i get the money difference to rebuild? I would like to keep the loan in place and have the money to replace the home that burned, the check is made out to both of us, mortgage company and us. Will they refund the money or pay off the loan? I need the balance to make improvements on the home that we are replacing. Which would be valued more.
What else can I help you with?
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
How do you get your mortgage company to endorse an insurance check if your house?
By providing them with proof that you have already made all repairs.
What is mortage insurance?
The term Mortgage Insurance can mean different things to different people and in a variety of situations. I have heard it refer to life insurance designed to pay off a mortgage balance due to death of an insured person. another type of Mortgage Insurance is products such a PMI, which indemnifies a bank or mortgage company in the case of a default on a mortgage loan. In this type of mortgage insurance the person who takes out the loan pays the premiums through their house payments, but will not receive any benefit from the insurance as the only one who gets paid is the bank or mortgage company. The insurance company can then still come after the borrower for the amount of their loss.
How can we find out if someone has a mortgage insurance on a house?
To find out if someone has mortgage insurance on a house, you can start by asking the homeowner directly, as they may be willing to share this information. Alternatively, you can check public property records, which may indicate if a mortgage insurance policy is associated with the loan. Additionally, contacting the mortgage lender or insurance company directly, if you have their details, may provide insights, although privacy laws may limit the information they can share.
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
When are you required to buy basic homeowners insurance by your mortgage company?
Virtually always. Any reputable company holding a mortgage on your house will require you to have homeowner's insurance, at least to the value of the mortgage. The only exception is for a mortgagee with sufficient assets to self-insure.
How do you get your mortgage company to endorse an insurance check if your house?
By providing them with proof that you have already made all repairs.
What is mortage insurance?
The term Mortgage Insurance can mean different things to different people and in a variety of situations. I have heard it refer to life insurance designed to pay off a mortgage balance due to death of an insured person. another type of Mortgage Insurance is products such a PMI, which indemnifies a bank or mortgage company in the case of a default on a mortgage loan. In this type of mortgage insurance the person who takes out the loan pays the premiums through their house payments, but will not receive any benefit from the insurance as the only one who gets paid is the bank or mortgage company. The insurance company can then still come after the borrower for the amount of their loss.
What is your your what if your what if your what if your what if your what if your what if your what if your what if your what if your what if your what if your name?
If your "advisor" was handling all your financial arrangement for the house, AND he negotiated a mortgage to pay for it - then the mortgage company would REQUIRE that there be an insurance policy on the house in order to protect their monetary interest in it.
If owner of a house dies does insurance pays off house?
Only if they had mortgage insurance.
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
Does insurance pay house off after house destroyed by fire?
It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.
What does Mortgage insurance premiums cover?
the house payment
Your mortgage company wants you to insure for the value of the loan but you think insurance should only cover the replacement cost of the structure what is the minimum coverage required?
You have to have it insured for at least the amount of mortgage. That is the mortgage companies "insurance" that it will be paid for if it is totally destroyed.AnswerIf you agreed to insure your house for the amount of the mortgage when you obtained your mortgage then you are bound by that agreement and will have no choice but to comply. Actually, the purpose of homeowner's insurance is not to insure the loan, it's to insure the property. You cannot purchase more than the replacement cost of the house. In the event of a total loss, you will only be paid the cost to replace the house up to the limit shown in the declarations, regardless of what the loan amount is. It is against the law for a mortgage company to require you to secure insurance for the value of the loan. They can be fined.
Mortgage is in your name spouse dies will mortgage life insurance pay off house?
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
How does paying off your mortgage affect the cost of obtaining homeowners insurance?
Depending on the insurance company they may give you a discount, usually 5- 10%. In essence when you have a mortgage on a property the insurance company notes it on your homeowners policy and sends a letter to the mortgage holder providing proof that you have protected their (your house) asset by insuring it. Discounts that may be available: Mortgage Free, Monitored Alarm Discount, Multi Policy, Claims Free, Senior.
