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Do you still need to pay for your home if it was destroyed in a disaster?

Mortgage payments remain due even after a home is destroyed in a disaster, as noted in the article.
California Governor Gavin Newsom announced that five banks will provide a 90-day moratorium on mortgage payments for wildfire victims in Los Angeles.
Borrowers can receive temporary relief through forbearance, which suspends payments for up to a year, according to Fannie Mae.
Free housing counseling services are available to assist those affected by disasters, as stated by Operation HOPE.

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Do you still have to pay for your home if it was destroyed in a disaster?

By Jeanne Sahadi, CNN Wildfires, floods, tornadoes and hurricanes can destroy your home, but not your mortgage. The stark reality is that even if you live in a federally declared disaster area — such as those ravaged by wildfires in Los Angeles County or those battered by hurricanes in North Carolina and other states — you will still owe the bank the remainder of your loan, even if your home is gone or uninhabitable. However, there are some disa…

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Do you still need to pay for your home if it was destroyed by a disaster?

Wildfires, raging floods, tornadoes and hurricanes can obliterate your home, but not your mortgage.

27 days ago·Atlanta, United States

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Leaning Left1Leaning Right0Center8Last Updated26 days agoBias Distribution

89% Center

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89% Center

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WAAY-TV broke the news in Huntsville, United States 27 days ago on Monday, January 27, 2025.

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