Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Do I have to rebuild my house if I have no mortgage?
Sandy did major damage to a property I own. The flood insurance will not cover the repairs or replacement. I have no mortgage so do I have to rebuild? Can I use the payout to clear the land and sell it as a vacant lot? This is in NJ.
The house is not a primary residence. It is an inherited home we use on weekends in the summer. The estimated payment will be 85,000 which is not enough to lift and repair in NJ. It was built in the 50's and would have to be brought to current code.
There is no HOA and the property is valued at maybe 1 million. The adjuster is the one saying we have to rebuild. It has been 73+ days and still no decision on the claim.
5 Answers
- AnonymousLv 78 years agoFavorite Answer
If there's no mortgage then you can do as you please. If there was a mortgage, you could pay it off and do as you please. The only exception is if your HOA has a penalty built in for vacant lots, but I would assume that would be rare.
- loanmasteroneLv 78 years ago
In addition to flood insurance you should have had hazard insurance, that covered property damage other than flood damage.
You are not required to rebuild the property. This is a decision you would have to make. You may use the insurance to clear the land and use if for whatever purpose you want to include selling the property.
Another option is that you are able to apply for a construction loan to rebuild your house. Normally to build a house the cost would normally be half of final cost. In other words if you were to obtain construction loan to rebuild the house, a lender would normally lend you $200,000.the final value should be around $400,000.
Once the construction is complete and the property has gotten the final sign off from the city, the construction loan would then convert to a mortgage loan. You would not be required to apply for two separate loans.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
- kemperkLv 78 years ago
According to the news, congress just approved what you wanted, months after the fact.
YOU said flood insurance will not cover your repairs; please tell me why it will not.
looks like you have some fantastic [sad of course] tax write-offs.
What pay off are you talking about?
can guide further
- Anonymous8 years ago
There is NO REQUIREMENT that you rebuild.
- How do you think about the answers? You can sign in to vote the answer.
