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Jacson6

(930 posts) Tue Jan 14, 2025, 10:32 AM 11 hrs ago

If you lost your home in a wildfire, what happens to your mortgage? (KTLA LA TV Station Discussion)

4 replies

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If you lost your home in a wildfire, what happens to your mortgage? (KTLA LA TV Station Discussion) (Original Post) Jacson6 11 hrs ago OP

Should have asked Tom Selleck. Sneederbunk 11 hrs ago #1

A friend of my son's house burned down - it was a total loss. Probatim 11 hrs ago #2

You still owe the mortgage or risk foreclosure, which means you could lose the land too (and any chance hlthe2b 10 hrs ago #3

Do you have fire insurance? PoindexterOglethorpe 7 hrs ago #4

Sneederbunk

(15,482 posts)

1. Should have asked Tom Selleck.

Reply to Jacson6 (Original post)

Tue Jan 14, 2025, 10:44 AM

11 hrs ago

Probatim

(3,057 posts)

2. A friend of my son's house burned down - it was a total loss.

Reply to Jacson6 (Original post)

Tue Jan 14, 2025, 10:54 AM

11 hrs ago

His insurance company told him he had to continue to make payments on the mortgage or he would not receive any compensation.

That seems reasonable to me.

hlthe2b

(107,184 posts)

3. You still owe the mortgage or risk foreclosure, which means you could lose the land too (and any chance

Reply to Jacson6 (Original post)

Tue Jan 14, 2025, 11:42 AM

10 hrs ago

to rebuild/recoup losses)...

Banks and other mortgage lenders have no compassion for such disasters. Nor does our Republican/MAGAT-controlled Congress.

PoindexterOglethorpe

(26,932 posts)

4. Do you have fire insurance?

Reply to Jacson6 (Original post)

Tue Jan 14, 2025, 02:43 PM

7 hrs ago

In any case, as has already been pointed out, the mortgage doesn't just disappear because your home got destroyed.

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