what happens to my mortgage if an earthquake hits and i lose my house (live in San Francisco)?
467514
Good question.  I hope you have earthquake insurance because regular insurance don't cover acts of war and natural disasters.  \n\nYou have to keep paying your mortgage.\n\nRead your policy.  \n\nInsurance lists on your policy/ or declaration page a mortgagee clause.  That is the place that holds a lien on your property.  Your insurance will pay it off providing you have enough insurance to cover your mortgage.\n\nThis is why the people in New Orleans are screwed.  Most of them didn't have flood insurance and they are claiming that the hurricane didn't damage homes it was the flooding when the levees broke.
1168915
Stray balls! Just kidding but seriously. \nMany of these communities will have strict homeowners association regulations, high homeowners association fees, you may be required to become a member of the course or countryclub(which can be expensive) and lots of broken windows. \nhttp://www.lendermark.com
990139
I was always told to stand in a doorway.  I grew up in Alaska and experienced many quakes.  I never lived in an apartment complex.  I would definately stay off the stair and/or elevator once the earthquake began.  Do you have an earthquake survival kit?  It might be good idea to put one together if you don't.
520904
100%... wait!!  I just sold my home in Nor Cal.  I'm moving to AZ.  Both have been hot markets, and prices are declining.  I'm going to rent for 6-12 months, and hopefully save 50-100K.\n\nSo if you have no need to buy yet... hold on as long as you can.  Real Estate Cycles are sometimes 15 years, so the decline that is just starting might go for 3-4 years.\n\nPlus, interest rates have already bumped up 16 times.  At most, we might see 3-4 more bumps.  Hopefully only 1 or 2 more.\n\nWait, and save your money!
1059264
You can foreclose on the property. The first mortgage lender will be notified. it will cost you attorney fees. I don't exactly know how it will work out at the end, you will probably at best get money back minus legal cost.
611970
you should spend the money to speak with a real estate attourney. the mortgage may become/probably will become your responsibility.
797645
refi and get out of that crappy ARM before you lose everything. Bankruptcy laws cannot help you in this situation (you'll probably lose the house) refi or sell it and take the loss (sounds like you bought too much home anyway)\n\noh you can refi at ANYTIME!
13801
Hi.My real name is Waj.May I know ur location? Actually I work in a Mortgage Company. We provide Home Loans with no down payments and with low interest rates.I am ready to help u out and I live in Houston. If you are in U.S I will surely help u in getting house without down payment. Plz feel free to contact me by email at mailshamsboy@yahoo.com. \n\nThanks.
776448
Assuming you have a heartbeat, you will get a loan.\n\nFrom there, your credit, remaining assets, income, and debt ratios will all come into play as your interest rate is determined.\n\nBut you can pretty much have been foreclosed on yesterday and get a new mortgage today if you put 30-40% down payment.
176181
zillo maybe bet your mortgage company needs to give you that info. CAll them
43091
I doubt that it will be that serious. First of all, most people will not be impacted. The majority of loans made in the past few years were still 30 year fixed rate loans and most buyers made down payments. The small portion of buyers who were speculating and cannot carry the payments long-term will become foreclosures. Yes, those foreclosures will drive prices down in the areas where they happen, but not everyone has to sell. Only those sellers who are in a position where they have to sell will be impacted. Long term holders of real estate will continue to make payments and will not be impacted. If a property's value drops down below loan value there is no requirement that people will have to "come up with the difference" as you put it, unless they are forced to sell. The most likely bunch of investors that will be negatively impacted are the ones that actually follow the advice of "real estate gurus" that preach the no money down, flipping, and similar deals. I don't think they are a significant part of the market and will be glad to be rid of them for awhile. \n\nThe lenders are not stupid. They do expect some impact in places like California and Florida and are taking steps to spread their risk. Many markets are counter-cyclical and have not experienced any part of the bubble you are afraid of, so lenders are spreading their portfolio risk by lending in various markets. Texas is a good example, where appreciation has been low in single digits. \n\nReal estate markets are micromarkets, and do not behave like stocks. As any agent will tell you, location, location, and location are the keys to real estate. Good locations will mostly continue to be good locations in most cities. People will still like living in California and Florida (although the hurricane risk there makes me question their sanity). Much of the money driving the boom in these areas is foreign money. Few people realize that since the dollar has dropped almost 30% that non-US investors have been buying what they see as bargain property. After all, it is 30% cheaper than it was before for them. Many of these investors pay all cash. They will not be impacted by falling values. Unless the dollar recovers value, that money will continue to flow in. \n\nI've been through two real estate reversals, once in the early 1980's when mortgage rates actually went to 19%, and another in the early 1990's when real estate values dropped about ten to twenty percent in some markets. There was a crash in commercial real estate in the late eighties created by the Reagan administration changing the lending regulations at the same time they increased the reserve requirements for banks that led to the savings and loan bailout. That was coupled with a change in real estate depreciation laws, but this mostly impacted commercial properties (and taxpayers who paid for the bailout). Most people's lives are barely impacted by falling real estate values. Like I said the only ones that will notice are the ones that are forced to sell for some reason other than falling real estate values. \n\nBy the way, I own KBH and have made more money off of it in the form of dividends and stock payouts than I initially invested back in the 1970's. The stock has split so many times I have lost count. The stock can go to $1 and I will still show a profit.
1125606
If you don't care about the money from the house...and you just want out....quick deed it over to him.  that should take all the responsibility off of you, but you will also get NOTHING out of it.  It's a heck of a lot better than a foreclosure....which is going to effect any type of housing you try to get for a very long time.  Check with an attorney....but I think I am right....at least in CA.\n\nYour life will not be over if you have a foreclosure and if it is really that bad.......go....NOW.\n\nBest of luck to you.
811675
Go to legal aid on Monday with your copies of all the papers including the receipts for payments. You may end up owning the mortgage company if all you say is true. I wish you the best of luck.
1181105
I lived in L.A. for twenty years - and I'd rather be in an earthquake.  Most of them don't do much damage, they're over quickly enough and aftershocks are rarely bigger than the original quake.  For the most part, people know what to do when the Earth starts to move, and there often aren't any fatalities or even injuries.\n\nYou might be able to get away from a hurricane because you have warning, but overall the damage is much more severe and all encompassing than an earthquake, and because you've left, you don't always know what's going on with your home.\n\nI'd take my chances with an earthquake, thanks.
773401
Yes there are.\n\nThere are mortgage product available for owner who just received a "notice of Default".\n\nIf however the bank or lender repossesed the property or it was sold in an auction you would have to come up with private funds to redeem your property back.\n\nIf you are in California and need assistance in foreclosure bailout loans we can help\n\nRommel Mijares\nMortgage Specialist
608970
I would love to tell you that everything will be alright. But you are in a very tuff situation. It sounds like the pinnacle of either some hard times or poor choices are catching up to you. The first thing is look to a mortgage loan BROKER, not a bank.. A broker is going to work with a greater number of banks and lenders that will be able to offer you a mortgage if there is one available to you. There are loans out there up to 125% of your homes value that can be utilized in a refinance. However loans that high are often offered only to good credit high FICO score borrowers. IF you have not had a lot of lates since the Bankruptcy you might be in luck, however if you have had lates since.. you are really not in a good position to refinance. Antoher option is somehting called a "Short Sale" this is an option that you may know about from all the mailers you are getting from real estate agents and or investors that saw your home listed in forclosure... It is where you find a seller to your home, and the offer is presented to the lender (your real estate agent can do this) and the lender agrees to "forgive" the loan to whatever amount and sell the home for less than you currently owe.\n\nLet me tell you as someone in finance and mortgages this is one of the best options to you. Whatever the situation and however you got there, you want to walk away in the best situation you can. You bought a home once, and can again but don't let it go all the way to forclosure waiting for something magical to happen because it usually does not.. Sel it using a short sale and walk away from it without a forclosure.. It does not sound like you have any equity to lose and if you walk away without a forclosure on your credit and without the debt of mortgage balance on a home you longer own you will be in a better spot.\nOnce that is done you and your husband can focus on getting back on your feet. Best of luck to you!
880185
You need to ask the objector if they realize what is at stake in the event of a total loss.\n\nIn other words, are they prepared to pay their own money (and lots of it) to replace their dwelling and all the stuff inside of it in the case of a fire, hurricane, tornado, earthquake or some other calamity that results in them losing everything they own?\n\nI like to tell people.....take a good hard look at what you are wearing right now....then I take a very long pause...and remind them to get a good look at it.....then I say....now imagine that what you are wearing right now is all that have left of what you own.  Your house and everything in it, except the clothes you are now wearing, is all you have left.\n\nHow much would you pay to protect that?