What happens if your house burns down and you have a mortgage?
What happens if your house burns down and you have a mortgage?
If your home is damaged or destroyed by an uncovered event, you still have your mortgage obligation. And you have to repair or rebuild your house at your own expense. In that case, help will most likely take the form of government-based aid and forbearance from your lender. Sep 11, 2019
What to do after house burns down?
What to do after a house fire Find a safe place to stay. …Contact your insurance agent. …Protect your home. …Take care of your pets. …Get a copy of the fire report. …Address your finances. …Recover your possessions. …Take care of your family’s mental health.
What happens if a wildfire burns your house down?
FHA Disaster Relief for Wildfire Victims If your home is located in a Presidentially declared disaster area, you may qualify for the FHA 203(h) Disaster Relief Loan. The FHA 203(h) mortgage may be used to finance the purchase of a new home with no down payment and favorable terms.
