what happens to my mortgage if my condo is condemned?
April 27th, 2010 | 
Author: I want tο know whаt wіll happen tο mу finance balance іf mу condo іѕ condemned bу natural causes, іn California?
Posted in Mortgage FAQ
Posted in Mortgage FAQ
I want tο know whаt wіll happen tο mу finance balance іf mу condo іѕ condemned bу natural causes, іn California?
Posted in Mortgage FAQ
The finance stays just as it is. Now, the homeowners insurance policy that you’re required to have will pay out up to the amount of the sufferer/loss coverage. The sufferer/loss coverage should be at an amount that would cover full loss of the home, but in the even it doesn’t, you’ll still owe the bank what your insurance doesn’t cover.
Nothing happens to it, you are expected to pay it off. In view of the fact that natural causes are covered by your insurance this will not be a problem, just send in the claim.