My rental property has been deemed a total loss by my insurance company. I have a 100000 policy and a mortgage of 70000. How will the coverage be dispersed and how much.
Total Comments: 3
Posted: Fri Apr 04, 2014 01:51 pm Post Subject:
Can't say how much will be paid as we don't know if it's an ACV or RCV policy or it's value/replacement cost.
Check will be made payable to your mortgage company for up to the amount you owe and the rest goes to you.
Your value may include the land. I don't know of any insurance policies that include the land in the valuation.
Posted: Thu Apr 10, 2014 04:13 am Post Subject:
Check will be made payable to your mortgage company for up to the amount you owe and the rest goes to you.
The total amount payable will be paid to the lender, who will retire the debt and send you the balance, if any. I think that's what tcope actually meant to say. The insurance company will not normally check to see what the loan balance is.
Posted: Tue Dec 16, 2014 03:53 pm Post Subject:
The check will be sent with both your name and your mortgage companies name on the check. If you did intend to simply walk away without doing any repairs they may just apply it to your debt and mail you the remaining balance. However, if you do intend to do the repairs they would most likely still put you on a managed repair type program. In this situation they will typically break it down into 3 payments, 1 payment sent right away to give you the money for a down payment with a contractor, the next will typically be another 3rd at 50% and then the remaining balance is typically paid out at 90% completion.
These rules due vary depending on the mortgage company and of course if you are current on your mortgage or not.
Posted: Fri Apr 04, 2014 01:51 pm Post Subject:
Can't say how much will be paid as we don't know if it's an ACV or RCV policy or it's value/replacement cost.
Check will be made payable to your mortgage company for up to the amount you owe and the rest goes to you.
Your value may include the land. I don't know of any insurance policies that include the land in the valuation.
Posted: Thu Apr 10, 2014 04:13 am Post Subject:
Check will be made payable to your mortgage company for up to the amount you owe and the rest goes to you.
The total amount payable will be paid to the lender, who will retire the debt and send you the balance, if any. I think that's what tcope actually meant to say. The insurance company will not normally check to see what the loan balance is.Posted: Tue Dec 16, 2014 03:53 pm Post Subject:
The check will be sent with both your name and your mortgage companies name on the check. If you did intend to simply walk away without doing any repairs they may just apply it to your debt and mail you the remaining balance. However, if you do intend to do the repairs they would most likely still put you on a managed repair type program. In this situation they will typically break it down into 3 payments, 1 payment sent right away to give you the money for a down payment with a contractor, the next will typically be another 3rd at 50% and then the remaining balance is typically paid out at 90% completion.
These rules due vary depending on the mortgage company and of course if you are current on your mortgage or not.
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