Our home caught fire.?
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My husband and were supposed to close on a home this Friday, unfortunately, our home we are moving out of caught fire Monday due to the ice storm (we live in Oklahoma) branches knocked down our power lines and caused the house to catch fire and now the bank loan has backed out because our "equity" in the old home no longer exists. We do have insurance to cover everything to replace what was in the old home. Has anyone experienced this? The loan was to be a FHA loan. Advise please.
Our home caught fire.?lets flip this around, if the new home you were moving to had been the one to catch fire would you still put money on it ? doubtful because it is now not worth as much as it use to be.....
Our home caught fire.?Still got the loan, had to provide documentation on insurance. Report It
Our home caught fire.?...and how EXACTLY are you getting on the internet!?!?!?
thats really cool.
But seriously, I have nooooooo clue.
Our home caught fire.?I know nothing about this but I do live in Oklahoma. I am sorry to hear about your problem! If there is anything I can do to help if you have kids in need of replacement Christmas gifts etc email me by hitting the email me button. Good luck!
Our home caught fire.?This is very unfortunate, but the bank has the right to pull the loan. The loan was contingent on you having enough equity in your house that selling it should not be a problem. However, now that it is damaged, selling it will be a problem. The bank does not want you having to pay two mortgages for an extended period, as they are worried that you will pay the other one and not them. Or it could be that you promised to pay the bank some of the equity out of your house once it sold...not sure your situation.
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