<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by sgrfoots:
New home buyer in April 1999. Home burnt to the ground Dec. 1999. Held no insurance and neighter did the bank. Still paying off mortgage. Any recourse or relief from outstanding loan? Live in Delta Junction, Alaska.
[This message has been edited by sgrfoots (edited July 18, 2000).]<HR></BLOCKQUOTE>
This is very unusual as one of the mortgage lenders requirements is that the borrower get fire insurance and name the lender as additional insured. Did you ever have fire insurance and it was not placed or was cancelled? Depending on the loan amount and the value of the property, you have several options if the property is not worth keeping.
Options:
1) sell the land
2) deed the property to the lender or do a workout
3) file bankruptcy to discharge the debt
