0
What else can I help you with?
Why would a lender pay the homeowner insurance?
Actually, the home owner pays the home owner's insurance. The lender has an escrow account. This is in additional to the payment of interest and repayment of principal. The escrow account pays the taxes and insurance. The escrow account pays the taxes so the government does not seize the property. The homeowners insurance pays in case the house burns down. So, you pay into the escrow account, and if your house burns down, the lender gets the insurance money. You would not pay a mortgage on a burned down house and the bank knows that, so they have you pay into the escrow account and they pay for the insurance.
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.
Is homeowner insurance money paid to me because my house burned down considered income if I don't rebuild?
Homeowner's insurance payouts for a total loss, such as a house burned down, are generally not considered taxable income by the IRS, as they are meant to reimburse you for your loss rather than provide profit. However, if you do not rebuild and instead keep the money, it may affect your tax basis in the property, potentially leading to capital gains tax if you sell the land later. It's advisable to consult a tax professional for specific guidance based on your situation.
Do bank replace money if the money had accidentally burned?
yes
Can you buy a house after repossession?
I assume you lived in a house that was repossessed. The answer is yes it is possible to purchase another house after your house was repossessed. No law says otherwise. Banks and mortgage companies might have more stringent requirements, which they do than they did during the era of adjustable rate mortgages. The banks got burned on them just as did homeowners who lost their homes. The banks now own those houses and need to dump them for whatever they can get. Your problem is to prove that you can now pay your bills. If you get a car, keep up your monthly payments. If you have a credit card that you pay off every month, keep it. Get another one and use it for a few purchases each month. Keep a running balance on it. You will be paying interest. Pay it regularly. Believe it or not, you will need that to keep up your credit! Ok, it sounds stupid and is. Life is stupid! After you have gotten to the point where you have saved enough to make a downpayment on a house and have built up credit with payments on a car and a credit card, you should be able to get a loan on a house. Good luck.
Your home burned down you have homeowners insurance your daughter is living with you and she has her own insurance should she clam on hers or mine?
answer is both - the two insurers may share proportionatly based on the policies.
What if your neighbors home burned and your home was damaged how can you make a claim with their insurance?
You don't need too. Just make your loss claim on your own homeowners insurance policy. If your neighbor is liable for your loss then your Insurance Company will subrogate the matter for you.
What is the importance of owning home insurance?
protecting your physical property against loss. If your home burned down tomorrow is that no sweat to you? if not you could self insure (also assuming you have no mortgage). Also homeowners protects you and members of your household who are your relatives against claims of negligence. The cost of insurance is generally worth it - although coastal communities are probably wrestling with this question. Insurance is the transfer of risk plain and simple. If you want to retain the risk - you can go without it.
Why would a lender pay the homeowner insurance?
Actually, the home owner pays the home owner's insurance. The lender has an escrow account. This is in additional to the payment of interest and repayment of principal. The escrow account pays the taxes and insurance. The escrow account pays the taxes so the government does not seize the property. The homeowners insurance pays in case the house burns down. So, you pay into the escrow account, and if your house burns down, the lender gets the insurance money. You would not pay a mortgage on a burned down house and the bank knows that, so they have you pay into the escrow account and they pay for the insurance.
Do you have to keep insurance on your house even if you are not making payments on it?
Yes, if you wish to stay protected, however, it also depends on why your not paying your payments. If you are defaulting on your mortgage, insurance could be cancelled once the bank takes the possession from you. You would then not be responsible for the insurance any longer, and frankly, if the house burned down, it would be no loss to you. That is the real gauge, what do you stand to lose if the house burned to the ground. If nothing, then insurance is not needed. If you would lose anything at all, that's what insurance is for.
Does homeowners insurance cover bathtub replacement?
Check your policy or call your agent. It probably depends on why you're replacing the bathtub. If it burned up in a fire, it's probably covered; if you just want a new one, probably not.
You had a rental property that went into foreclosure and you could no longer keep the property insured the property burned down and the city is sueing for the demolition mortgage co insured?
the mortgage co purchased insurance on the property in the amount of $65,000.00 the amount owed on the loan was $55,000.00 The house was set on fire and burned beyond repair now the city is sueing me for the demolition. Do I have any rights in regards to this matter?
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.
When your house gets burned down and you are all sad about it how can you cure the sadness and how can the insurance help?
your sadness can be cured if your house was insured in a fire insurance before it was burned and the insurance can help you through your claims
What if my car is in a friends GARAGE and it burned down including my car?
Homeowners insurance does not cover automobile losses.If you have full coverage insurance on your car you can seek coverage from your auto insurer.If you have only liability insurance then that is just the chance you take in opting not to obtain full coverage.AnswerIf you had full coverage insurance, it would pay for it. If he had insurance on the building, there should have been coverage for contents. He would collect and you would have to get him to pay you for your car. You might have to sue him for it if he doesn't want to pay.
Are there any differences between homeowners insurance in Michigan and Omaha, Nebraska?
Michigan Home Insurance quotes. Get MI homeowners insurance prices from local agents. Compare plans and rates for home owners coverage. Home insurance protects what is probably your most valuable asset. We help people all over Michigan find homeowners insurance. Local brokers can answer your questions and help you in your search for the best home owners insurance rates and policies. A Michigan Home insurance policy can protect your house, furniture, garage and can even pay your housing expenses if you are burned out of your house. A standard MI homeowners policy will pay for a hotel or other living arrangement if your house is can't be lived in due to a covered peril. This is one more reason to work with a knowledgeable broker who serves your area of Michigan. We can help you find a MI broker who specializes in MI auto and home owners insurance.Apartment Insurance for Michigan Renters can protect the property you keep in your dormitory, apartment or flat. These plans can help pay to replace your furnitu
How can you find out if insurance was taken out on your mothers home before it was burned?
There are a few other facts needed to help you determine how to proceed. Is there a mortgage on the home? If so, contact the mortgage company. If there is an outstanding mortgage on the home, the mortgagor (buyer) is required to keep insurance on the home. So the mortgagee (lender) will know immediately if there is insurance or not; as mortgagee they keep a copy of the dec sheet on file and are notified immediately when insurance is cancelled, in the same manner and at the same time that the mortgagor is notified. If the house is paid, with no outstanding debts, bonds, or claims, it can still be determined if there is any insurance on the home, but it may be more difficult. You could contact an attorney, who will likely have or be able to obtain access to a records service that insurance companies also have. The insurance companies use this service to determine any current or past coverages on an item they are now being asked to insure; an attorney can probably also access this service. There are costs involved. Finally, if neither of the above is successful, contact the Department of Insurance in your state; it is a state agency and will be located under state office listings. Check for Department of Insurance and/or Insurance Commission/Commissioner. They will likely be able to determine if a particular property is currently insured OR direct you as to how to find out. Good luck.
