Caustic Burno
Well-known member
TexasBred":3arjccp7 said:Caustic Burno":3arjccp7 said:There mortgage company called the out standing balance of the loan. I got the deed less the money the insurance company paid them. I owned what was left outright.
The insurance company pay's the mortgage company first and you have to try and convince them to rebuild. You are buying a house you do not own it and if you have a lien the insurance company pay's the first lien holder first not you. You have to get the mortgage company to agree to rebuild the house and give you the money you paid the premiums on. I didn't make them mad they mad me mad.
My loan was at 6 percent and interest rates where 16 when the house burned.
They wanted that cheap money off the market to resend at the higher rate.
They offered to refi us at 16 percent that is when I told them to stuff it up their ass.
So actually the insurance was not enough to clear the entire mortgage. Makes it a bit more clear. And yes insurance claims payments always include the mortgagee on the check. The mortgage co. was simply doing what is normal and legal. Back in those days we were offering big discounts to borrowers to pay off those low interest rate loans.
No you still don't get it I owed 36,000 dollars on a 70,000 dollar house. We had plenty of insurance coverage replacement cost coverage. The mortage company wanted the low interest money off the market to relend at 16%.
When the house burned it had 48,000 dollars in damage, the mortage company called the note.
The insurance company paid the mortage company 36,000 dollars and me 12,000. We got the deed and the wife and I had to come up with the other 36,000 to rebuild.