if its his property and not the banks, they can go piss up a rope with threats to attack a man on his own land. He will have to go through insurance and rebuilding himself.
if its the banks property and not his, they can deal with the loss to their asset in the way that anyone else deals with property damage and loss. Insurance, or sucking it up and writing it off. Not the guys problem in any way. No-one has to keep paying for a service that ceases.
So who is the owner? 99% its going to be the banks problem. Sad for them, but thats the risk you take when purchasing property.. maybe it breaks or wears out, they gotta deal with that.
You can get more insurance. I live in tornado alley and I have way more than the minimum. I even get payment to tare down the old house.. you get what you pay for.
My insurance man gave me several options. One was to just pay off the bank,and the one I got was to pay the bank off and rebuild.
I know about mortgage. You are required to have insurance and the bank will not let you go without insurance if you still owe a mortgage so shouldn't the insurance company be paying this or what kind of fukery is this? I know insurance companies have been doing some very underhanded things recently in natural disasters.
Banks normaly require insurance for this.
My mortgage will be payed off,if my house is destroyed.
if its his property and not the banks, they can go piss up a rope with threats to attack a man on his own land. He will have to go through insurance and rebuilding himself.
if its the banks property and not his, they can deal with the loss to their asset in the way that anyone else deals with property damage and loss. Insurance, or sucking it up and writing it off. Not the guys problem in any way. No-one has to keep paying for a service that ceases.
So who is the owner? 99% its going to be the banks problem. Sad for them, but thats the risk you take when purchasing property.. maybe it breaks or wears out, they gotta deal with that.
Normally the house and property belong to the bank,until you pay it off. I'm not a fan of banks by any means,but I don't see any fukery here.
That is why the sell insurance, but living in the deep south in Hurricane alley, I know that is not how it works. At best most people get 50% of costs
You can get more insurance. I live in tornado alley and I have way more than the minimum. I even get payment to tare down the old house.. you get what you pay for.
My insurance man gave me several options. One was to just pay off the bank,and the one I got was to pay the bank off and rebuild.
Yes, why is that?
Pretend it was your money and you lent it to someone to buy a house. In my case with my credit union,that's kind of what it was.
I know about mortgage. You are required to have insurance and the bank will not let you go without insurance if you still owe a mortgage so shouldn't the insurance company be paying this or what kind of fukery is this? I know insurance companies have been doing some very underhanded things recently in natural disasters.
I don't understand how this could be.
He must have lapse in his payment. If you do they will foreclose on the house,and their could be several months with no insurance.
We need more info.
I see and understand.