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Old 02-22-2015, 02:05 AM
 
3 posts, read 1,452 times
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Hi, I am thinking of buying a rental property in Pasco County and have heard that if a sinkhole occurs then I would have to 'pay off' my mortgage before the insurers would 'pay out'. Can anyone advise if this is the case please??? as you can imagine this is a bit of a worry!!
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Old 02-22-2015, 09:53 AM
 
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Never heard of that before.
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Old 02-22-2015, 10:21 PM
 
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I would assume you will have to pay your mortgage before you can take the remaining amount... Looks like it's to protect lenders because some homeowners cashed out and never paid their mortgage off...
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Old 02-23-2015, 04:43 AM
 
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The insurance companies are now writing 2 party checks which requires you to get a signature from the mortgage company who will first apply the money towards the outstanding mortgage.

A friend of mine dealt with it and her house is now mortgage free and from what was left over she partially fixed the house since it seems that when money comes in to a home owners they feel less about fixing everything but the mortgage is paid off and they had to fix certain things since doors were not opening and closing and neither the windows so they had a sinkhole company pin the house and did some minor repairs but that was all and never everything was done and for that reason rven though I understand why they did it this way....I would not suggest to anyone buying a sinkhole home since in the paperwork you often see the pinning or grouting of the soil but you probably never see what else was exactly needed and not done.
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Old 02-23-2015, 08:36 AM
 
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Default Thank u

You're a star😄 thank you so much for your help, it's given us things to think about for sure!!
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