need some advice

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Can someone tell me if you can get out of a loan by the insurance totalling the collateral due to tenant damage?  We have a trailer with extensive damage that we've been trying to sell and it is insured.
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August 25 2011 - Sparta

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Profile picture for sunnyview
I think that you would have to check with your insurance agent, but unless your policy limit are enough to pay off your trailer it is unlikely. Generally, insurance will pay for repairs but any amount still owed on the mortgage, car note, etc is not just cancelled even in the case of a total loss.

You could also try to ask for a legal perspective on avvo here. Local attorneys in your area will answer one legal question for free and they might be able to give you specific language to look for in your insurance policy or your mortgage contract that might help you explore your options.
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August 25 2011
 
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Discussionneed some advice
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  • August 25 2011
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