Re: An answer to foreclosure problems - arson

In misc.survivalism, knews4u2chew@xxxxxxxxx wrote:


The whole idea is stupid.
#1. Insurance only covers the structure.
#2. Land can be more than half of the value of a property covered by a
mortgage.

Or it can be a small fraction. Houses are worth the same wherever you
plop them down; land is a huge variable. And 1/8 acre in some godforsaken
suburb of a broken-down rustbelt city isn't worth all that much.

#3. The borrower will still have a mortgage if they don't rebuild and
the lender will take the insurance proceeds.

All true, but maybe the deficiency judgement will be for an affordable
amount.

--
The whole problem with the world is that fools and fanatics are always so
certain of themselves, but wiser people so full of doubts.
-- Bertrand Russel

.

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  • Re: An answer to foreclosure problems - arson
    ... In misc.survivalism, Robert Sturgeon wrote: ... Insurance only covers the structure. ... land is a huge variable. ... suburb of a broken-down rustbelt city isn't worth all that much. ...
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