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FOUR months after Sangre Grande school teacher Margaret Guevarra was found shot to death in the master bedroom of her home, the Home Mortgage Bank has advertised her four-bedroom house for sale. An ad was placed in the daily newspapers on June 18 and sources said the asking price is $1.2 million.
Guevarra’s relatives said yesterday the mother of five took out a loan from the bank two years ago and built her dream house with the intention of allowing her children to live comfortably. Relatives insisted that each month Guevarra paid her loan on time, but following her murder, the loan became outstanding and the bank decided to sell the house.
88sins wrote:yeah, but iirc it isn't law/mandatory. most larger institutions do insure the loan that as a safety net for them, not the home owner, & the homeowner pays for that, not the financial institution. the annual fee for the policy is added to the mortgage amount.
The bank is within their legal rights to repo the property once there is a balance owing. But if any of her relatives were serious about her children's well being, all they had to do was they and/or any of the adult children just took over the mortgage.
but nah, easier & cheaper to try to cause a scn.
De Dragon wrote:I didn't know that insuring a mortgage or other large loan was optional.
88sins wrote:De Dragon wrote:I didn't know that insuring a mortgage or other large loan was optional.
it is optional, but not with all financial institutions. with some it eh optional at all, it's automatic & mandatory. but for those where it's optional whether or not they insist on it depends on how much risk you & the lender willing to take that you survive long enough to settle the loan in full.
I does I tell ppl, if you taking a mortgage, especially if the asset is at least partly retained as the capital on that mortgage by the lender, get a life insurance of at the very least the 10% below the value of the property. That way, if you have a 30 year mortgage & after 3-4 years something happen to you no worries for the family.
ruffneck_12 wrote:I rub my eye and I thought the title said "dead woman possesses house"
powder neck_12 wrote:yes, I was masturbating, you really caught me there with 12 boys howdy
how will I ever live my life after such embarrassment
oh hoe is me
88sins wrote:Some ppl decline life ins. on the mortgage as a way to reduce the repayment total. Just keep this in mind.
you borrowing form the bank, & they financing the costs of the acquisition of the property, taxes, water rates, & sometimes ppl lump the legal fees into the mortgage too. & then the final thing, that life insurance policy, where the bank is the primary beneficiary in event of an occurrence. They all directly increase the borrowing amount, &which in turn increases the amount of interest you pay & your monthly installments, as well as the bank's risk & their desire to protect their assets. is just a way to cut down the costs is all, because the overall costs over the years do add up.
homeowners insurance is a whole other kettle ah fish cuz.
homeowners ins. is primarily for compensation in the case there is destruction/damage to the property &/or it's contents the the event of certain natural/accidental/malicious events. I personally got no use for homeowners ins., but daz just me. it have squirrel $$ for dat.
But if I were to recommend the type of coverage one should look for with home owners insurance, I'd suggest coverage in the event of home invasion/theft for the restoration of valuables, accidental fire (this one could get tricky), hurricane damage , earthquake damage &flood damage (this one would depend mainly on location, because even though hurricanes might cause some of the worst floods there have been instances where there was no hurricane & property gets flooded, & in such cases an ins. company will tell you you weren't covered)
It sounded mandatory to me... Justification that they djbt want the hassle of having to sell to recoup costs. Just cash in life insurance and they get back their balance.. Plus, they selling life insurance too... So they win either way.De Dragon wrote:I didn't know that insuring a mortgage or other large loan was optional.
De Dragon wrote:88sins wrote:Some ppl decline life ins. on the mortgage as a way to reduce the repayment total. Just keep this in mind.
you borrowing form the bank, & they financing the costs of the acquisition of the property, taxes, water rates, & sometimes ppl lump the legal fees into the mortgage too. & then the final thing, that life insurance policy, where the bank is the primary beneficiary in event of an occurrence. They all directly increase the borrowing amount, &which in turn increases the amount of interest you pay & your monthly installments, as well as the bank's risk & their desire to protect their assets. is just a way to cut down the costs is all, because the overall costs over the years do add up.
homeowners insurance is a whole other kettle ah fish cuz.
homeowners ins. is primarily for compensation in the case there is destruction/damage to the property &/or it's contents the the event of certain natural/accidental/malicious events. I personally got no use for homeowners ins., but daz just me. it have squirrel $$ for dat.
But if I were to recommend the type of coverage one should look for with home owners insurance, I'd suggest coverage in the event of home invasion/theft for the restoration of valuables, accidental fire (this one could get tricky), hurricane damage , earthquake damage &flood damage (this one would depend mainly on location, because even though hurricanes might cause some of the worst floods there have been instances where there was no hurricane & property gets flooded, & in such cases an ins. company will tell you you weren't covered)
So, a few dollars more for term insurance outweighs the cost of having to spend thousands to rebuild/replace? Likewise for "regular" home insurance?
88sins wrote:De Dragon wrote:88sins wrote:Some ppl decline life ins. on the mortgage as a way to reduce the repayment total. Just keep this in mind.
you borrowing form the bank, & they financing the costs of the acquisition of the property, taxes, water rates, & sometimes ppl lump the legal fees into the mortgage too. & then the final thing, that life insurance policy, where the bank is the primary beneficiary in event of an occurrence. They all directly increase the borrowing amount, &which in turn increases the amount of interest you pay & your monthly installments, as well as the bank's risk & their desire to protect their assets. is just a way to cut down the costs is all, because the overall costs over the years do add up.
homeowners insurance is a whole other kettle ah fish cuz.
homeowners ins. is primarily for compensation in the case there is destruction/damage to the property &/or it's contents the the event of certain natural/accidental/malicious events. I personally got no use for homeowners ins., but daz just me. it have squirrel $$ for dat.
But if I were to recommend the type of coverage one should look for with home owners insurance, I'd suggest coverage in the event of home invasion/theft for the restoration of valuables, accidental fire (this one could get tricky), hurricane damage , earthquake damage &flood damage (this one would depend mainly on location, because even though hurricanes might cause some of the worst floods there have been instances where there was no hurricane & property gets flooded, & in such cases an ins. company will tell you you weren't covered)
So, a few dollars more for term insurance outweighs the cost of having to spend thousands to rebuild/replace? Likewise for "regular" home insurance?
not quite what I said, but look at it like this
different people view the risk that their home will actually in fact be destroyed totally or severely damaged by disaster in different ways. truth be told, the chances are not high that a home will be destroyed during an owners occupancy, given certain basic care is taken by the occupants & the building is constructed properly to begin with. Most house fires are caused either by accident, negligence, arson or faulty wiring & connections. 3 of the 4 are avoidable at least to some degree. so you see the possibility is there, but the probability isn't. Some will take out insurance on the building because of the possibility, others will decline to because of the probability. & others will take steps to put a contingency in place in the event of an occurence.
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