Sinkhole Home In FL
I have a sinkhole activity home in FL to repair is 65k only have 30k after insurance. My loan is held by a trust . I found another house to buy with the 30k. Houses are rising 12-20% yearly in this area. Obviously cant pay to mortgages concerned note holder wll call in the loan when he realizes sinkhole is not repaired can he do this? Can I rent the house? Rents are going for 1200-1300 in this area for similar which would cover the mortgage ect. thanks in advance
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Can you rethink and then rephrase the question?
Are these the facts?
1) you own a home that has a sinkhole
2) you have a mortgage on the home
3) the insurance company is giving you 95k for repairs
4) it will cost 65k to repair
Now what is your question?
To Clarify: the Insurance is only 27K, to repair is 65k. Question is can the private mortgage holder call in the note because its not repaired or can I rent the house out? Do I have to disclose sinkhole activity to Renters? To sell would only give me 75K and the payoff is 99K with prepay penalty.