Pamela asked 2 years ago Hello,
Can I take my mortgage with me when I rebuild on a different lot? This is important as mortgage company sitting on the money from the insurer and if they mandate I have to pay off the loan in order to rebuild on a different lot I will not have enough money to rebuild what I had at all.
Loss occurred in California fire in 2020.
Karl Susman Expert answered 2 years ago This is a great question and not one you hear often! This is more of a lender-specific question. Since your insurer will likely issue any checks for rebuilding to both you and your lender, you would need to be on the same page with your plans. In a similar situation, I can say that you are not necessarily required to re-build on the exact same site as per some relatively new California laws, however when it comes to keeping the identical loan, I cannot be certain the terms would remain the same.
You can also try consulting with Fannie Mae–they offer free mortgage counseling and disaster assistance to homeowners. See Disaster Help for Homeowners.