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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12554
Experience:  25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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My first question was about my home burning if its not pd in

Customer Question

my first question was about my home burning if its not pd in full does the remainder go towards my principle on my loan ?
Submitted: 2 years ago.
Category: Legal
Expert:  Andrea, Esq. replied 2 years ago.
Thank you for the Excellent Service rating and your very generous bonus. I appreciate both greatly and it will help me further my work with the ASPCA which is very, very dear to my heart.
In my first Answer, I stated the following -
If there is still a balance that is owed to the mortgagee/lender, then any funds remaining after the house is rebuilt must go to the lender. However, the lender must revise the Note and Mortgage to reflect a reduction in the amount owed by the homeowner. This may also require a downward adjustment in what the homeowner pays each month to the lender.
I cannot stress enough the fact that when the lender credits the excess to your principal, there should be a comparable reduction in the amount of your monthly payment!!!
Please be kind enough to rate Excellent Service" so that I receive credit for assisting you, it will not cost you anything additional to give me a positive rating, and that is the only way I can receive credit, Thank you for understanding,
Thank you for allowing me the opportunity to assist you,
Kindest Regards,