Yes. If you added insurance to cover this it takes them 30 days to make the payment, so a Borrower would show late. Typical fire hazard policy doesn't make mortgage payments, covers the cost to rebuild. Some lenders are offering payment forbearance for Borrowers who suffered from a total loss in the fires in Northern California, but they are not required to. FEMA where they declared disaster may cover a month or two, but again it takes a mountain of paperwork which is difficult to reconstruct if the documents were in the home. 

The Sad thing is we are going to see homeowners who were underinsured or no fire policy if they paid off the house.

Earthquake insurance is worse- deductable usually is $22000 which is the same as the cost to reconstruct the chimney and jack up the roof.

Yes, unless the lenders allow deferred payments.

Absolutely. When one drops dead he got to pay will tax, property tax, mortage, death tax -No exceptions.

I believe you have a great answer with Caroline Gerardo .

When we do investor insurance we do loss of income on those.

Yes

if you're on your death bed, you'd better make that payment in a timely fashion.... it doesn't matter what the tragedy or the horrendous event might be....

So sad. Thanks Caroline Gerardo 

I heard there is a bill being presented to allow for a deference for those in Federally declared disaster areas. Someone should have done this sooner.

Yes, unless there is something else in place to make the payment ... like insurance. Caroline Gerardo has provided a great answer. 

Yes. In fact, I share this with my renters that like to tell me they can't afford rent because they "had to" fly to vegas for their cousin's wedding.

Homie don't pay dat!

I think so unless the government and/or the lender set up an amnesty period.

Of course, even though the collateral may be diminished, you still owe a debt to those who loaned you the money.

I would say yes but, would defer to our lender experts here in the Rain!

We have just experienced the largest naturally caused fire in California's history. We lost 7500 homes here in Sonoma County, California--"The Wine Country". Wells Fargo and some of the other big boys are holding in forebearance payments for 90 days. Our Tax Assessor will be devaluing home property tax bills to reflect land value only. The bigger question is under-insured folks who may not have the money to pay off their mortgage. Things are still too new as the earth is still hot from the fires. This fire was ferocious whipping winds up to 70 mph! Houses literally exploding around the neighborhoods. I have 40+ friends who got out with the clothes on their backs. Absoluely devastating!

 You should.

There is unless you are told otherwise

I would assume yes. Caroline Gerardo has a great answer

Caroline Gerardo offered a wealth of information - Thank you.

The short answer is yes! 

Not totally sure of the answer.... probably yes. But I'd think some of our erstwhile lenders in the Rain could chime in here.

Richie Alan Naggar I thought you had to keep making payments until insurance kicked in. Caroline Gerardo 's answer confirms it.

I think this is what you have to do - no matter what.

As Caroline Gerardo wrote. Expect no quarter from the enemy

That is a great question!  I would think so, but reading comments.

I would still think you must but insurance will cover it I hope but takes awhile.

Absolutely! When you sign for a Mortgage, you also sign a Note. That note is not forgiven unless the Lender wants to give you a "Grace" period,and that rarely happens. The reason you have Home Owners and Flood Insurance is for this situation.

Yes. If you have insurance to cover this then inusrance will pay it... otherwise, you are still responsible as far as I know.

Maybe not if you're an active military service member?

Yes.

As Caroline Gerardo explained. 

Make sure your insurance is notified and took over. 

The mortgage companies I use are asking anyone impacted to call them.  I assume they'll have a special program.

Yes, as insurance is not instant and that is you hope the insurance will cover you

In 2008 the heart of lenders was clearly exposed.

Just like that mail carrier we saw in the news delivering mail to boxes without houses....you better keep making those payments until the insurance has paid off the debt.

However, if the fire did not destroy that barrel of cash beneath the soil in the back yard, the owner has other options. Again. lessons from 2008.

Of course-it may be defered but you still have to pay.

Caroline Gerardo nailed this one!

Richie,

Caroline Gerardo gave you the answer.  A