Posted by A S Johnson on 4/20/11 10:23am
Msg #380621

Is Your home still there?

This question may have been answered most ikely in Ca but most of us would not have paid attention.
I am in North Centeral West Texas, west of Ft Worth and on the east edge of the Poosum Kingdom Kingdom fires.
I have been asked to do 2 re-fis with addresses in the fire area, should I ask if the property is still standing? Remember, these re-fis have been in the pipeline long before these fires began.

Reply by SouthernOK on 4/20/11 10:42am
Msg #380623

I think I would have the LO call and ask them.

I'm from Rockwall Co. and I understand the need for this question in north central TX.

Reply by John Schenk on 4/20/11 1:10pm
Msg #380652

I think I'd also have the LO call them.

For one thing, if the house is already burned to the ground the current mortgage holder would be a co-payee for the loss as the insured event, i.e. a potential total loss of the house, occurred while their interests were insured under the policy. Also, if the refi went through, and I'm not sure that it could if the house is a total loss, it would tack the refi costs on top of what BOs would simply have to pay on their existing mortgage, which wouldn't appear to be a very smart way to go as it would just take more out of their pocket in the event of a total loss.

Interesting situation. Let us know how it goes.

JJ

Reply by jba/fl on 4/20/11 11:59am
Msg #380646

Why not re-confirm the appt? Ask if still signing at

123 Elm St? Let the borrowers tell you - it is reasonable and straight from the horses mouth.

Reply by A S Johnson on 4/20/11 1:54pm
Msg #380656

Me Bad! I forgot very important information, neither were at the property address. Both at nutural locations, one in Mineral Wells and the other in Grayford.

Reply by JanetK_CA on 4/20/11 7:28pm
Msg #380713

I hope the fires are heading away from you...

What you *could* ask them, which might be a little bit more sympathetic, is if they have been impacted in any way by the recent fires. Like most things, it's all in how you say it, of course. Done right, they'll most likely appreciate your interest, rather than finding it an intrusive question.


And since we're on the subject, thoughts and prayers going out to any and all who are anywhere near the fire areas and the tornadoes, as well. I hope you and your families are all staying safe!!