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  • 14/12/2018 11:13
  • 2

what happens to mortgage when house burns down?

Jennifer Rose

  • 14/12/2018 11:13

Despite the fact that the house burned down the debt obligation to pay will remain. If the house has insurance, the compensation is given to the Bank in which you took the mortgage. In addition, unless otherwise provided by the agreement, the Bank may demand early repayment of the debt.


  • 12/12/2018 21:16

When Your House Burns Down. ... Even the total loss of the mortgaged property doesn't relieve borrowers of this obligation. A mortgage also requires the borrower to give prompt notice to both the lender and the insurance carrier in the event of a loss.

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