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Big Island The Island of Hawaii
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Old 01-08-2015, 06:21 PM
 
Location: snowbirds Pahoa/Idaho
252 posts, read 659,936 times
Reputation: 251

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Quote:
Originally Posted by whtviper1 View Post
Even if they insured with a "fire/lava" exception, I don't see how a bank would find that acceptable.
Sorry just seen you commented on this part. A friend of mine has a mortgage on their home in Lava Zone 1 Leilani and her insurance does have the lava exclusion for fire. She sent me a copy of her policy last year when I was looking for a less expensive carrier. The bank as far as I know did not comment on the exclusion as she still got her loan on the property. That was last year before the flow though things may be different now.
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Old 01-08-2015, 11:50 PM
 
Location: snowbirds Pahoa/Idaho
252 posts, read 659,936 times
Reputation: 251
Quote:
Originally Posted by OpenD View Post
Spoiler
SATIRICAL COMMENTARY ENSUES! Don't get too worked up over it!


"
Dang the "spoiler" kept me from getting all worked up! Now what am I supposed to do?
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Old 01-11-2015, 12:12 AM
 
7 posts, read 12,730 times
Reputation: 46
Quote:
Originally Posted by 67Cam View Post
I'd be curious to hear if you're able to secure a mortgage and obtain mortgage insurance with the current lava situation. LE was one of the locations I too was interested in, but would have to consider the effects of the lava on mortgages, insurance and property value...
Well, I've been doing some research. It turns out my credit union has a branch in Hawaii and they'll do mortgage loans for houses in Hawaii. They'll also lend if you want to buy raw land (many banks will only lend if the land already has a house on it). So I talked to a loan officer today. My credit union will NOT lend money for houses in Lava Zone1 OR Lava Zone 2. So unless I'm paying cash for a house (right) I cannot buy a house in Leilani Estates. Guess it really wasn't meant to be.
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Old 01-11-2015, 12:51 AM
 
Location: Los Angeles area
189 posts, read 260,776 times
Reputation: 218
Quote:
Originally Posted by MyrnaUkelele View Post
They'll also lend if you want to buy raw land (many banks will only lend if the land already has a house on it).
I will be shocked if this is not a construction loan....which some banks in HI do. Now if this a loan for land only with no contingencies and with only the land as collateral now that will be someting new since they all seemed to stop doing that after the financial crisis. Do let me know please.
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