2007-10-30 04:08:29 · 7 answers · asked by Anonymous in Home & Garden ➔ Maintenance & Repairs
Irish, that may have been the dumbest response ever written.
2007-10-30 04:28:09 · update #1
Morris- no one forced them to go into debt? Well, isn't that sympathetic and understanding of you!
2007-10-30 06:03:19 · update #2
Of course they do. Why would the mortgage company take a loss because of someone Else's misfortune? This may be the dumbest question ever asked.
Why do you ask a question and then insult people when they post an answer?
2007-10-30 06:17:29 · answer #1 · answered by Molliemae 4 · 0⤊ 0⤋
Yes, as long as they have adequte fire coverage. My homeowners insurance has Flood, and Fire coverage for the amount of my house. That way, if something happens, I can take my land, and use the insurance money to rebuild, or I can pay off my loan and sell the land for what it's worth to a contractor who will build a new home for someone else,
However, there are some people who won't take certain covereages, like me, I don't have Earthquake coverage, because we live so far from any fault, however if a freak earthquake comes by and destroys my house, my insurance wont pay off.... I hope those people have good coverage.
2007-10-30 13:31:53 · answer #2 · answered by Frznoooo_Sam 3 · 0⤊ 0⤋
In short - yes, regardless of insurance, they will have to pay off the remaining ballance of their mortgage. If they are uninsured, then they would likely have to consider filing for bankruptcy.
On the other hand, if they are properly insured for replacement value, they should be able to have their residence rebuilt with little out of pocket expences (again, this depends on deductible, content coverage vs value insured, etc).
In the end, while they have suffered a devastating loss, they are still liable to any debt they have to their mortgage companies.
2007-10-31 01:41:00 · answer #3 · answered by David M 4 · 0⤊ 0⤋
Yes they should. It is personal debt. The owners must still pay for the home. Hopefully they have insurance to rebuild or pay off the debt. The bank will hold the owners responsible, and they should. No one forced them to go in debt.
2007-10-30 12:59:13 · answer #4 · answered by morris 5 · 0⤊ 0⤋
yes a mortgage is a loan
dont matter if aliens come take the house to mars you still gotta pay the loan
all the best
Ian
2007-10-30 11:16:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
they either have to continue paying the mortgage, or their home owner insurance will pay the loan off and give the owners the balance, if any (providng they have insurance)
2007-10-30 11:33:20 · answer #6 · answered by DeeDee 6 · 0⤊ 0⤋
Yes, they are covered by Home Insurance.
2007-10-30 11:13:40 · answer #7 · answered by Irish 7 · 0⤊ 0⤋