nativetexan - Mortgage insurance-rebuilding costs raising premiums (See Post #44)
#44
Mortgage insurance-rebuilding costs raising premiums
We had an old loan that had a balloon payment come due. i didn't know about it and couldn't pay it off so i had to re-finance it. home re-appraised and insurance company contacted. Well they looked at our account and sent us a form to fill out on our home. did that. then got a letter telling us our premiums were going up.
I called yesterday to be told re-building costs have gone up. my home used to be set for $256,000 to rebuild and i pay $71.00 monthly. Well they now say re-building cost would be $416,000 and my premiums will go up. I won't know for another two months how much.
I"m out of work and living on SS cks. all that trouble trying to refinance that loan amount and may still lose my home yet. I hate insurance companies.
anyone else run into this?? jeesh.
I called yesterday to be told re-building costs have gone up. my home used to be set for $256,000 to rebuild and i pay $71.00 monthly. Well they now say re-building cost would be $416,000 and my premiums will go up. I won't know for another two months how much.
I"m out of work and living on SS cks. all that trouble trying to refinance that loan amount and may still lose my home yet. I hate insurance companies.
anyone else run into this?? jeesh.
#45
I do not care for Insurance companies my is more with health insurance but we recently had to re-mortage our house inorder to pay off one of our vehicles and a credit card. We had the house appriased again and the value of it increased as well but we where lucky as the insurance costs did not rise as we checked on this before we went through with the loan. I feel for you as dealing with any of this type of stuff is never easy and very frustrating and the main then I run into is lack of communication in almost every place I have had to deal with.
#46
Take the square feet of your home and divide that into the replacement cost amount. That is your new price per square foot. Then you can check in your area and see how much a home like yours would cost per square foot to rebuild. You can also check with several different insurance companies and get several quotes. See if they are coming out to approxiamately the same replacement cost amount of 416,000. Keep in mind that the bank will require the insurance company to insure the home for the replacement cost or the loan amount if that is higher. I'll be happy to answer any other questions you might have.
I am so sorry you are dealing with this during the Christmas holiday.
God Bless You and Merry Christmas
I am so sorry you are dealing with this during the Christmas holiday.
God Bless You and Merry Christmas
#47
the loan amount was only $16,000 that I couldn't come up with. I hated to renew it but had no choice. I'd actually paid my car off out of my IRA and if i'd known there was a balloon payment owing, i would have paid the Bank loan off instead. This poor house is over 50 yrs old and in dire need of many repairs. It's a roof over our heads and I'd like to keep it. just frustrated. i keep trying and something else happens. that's life!
#50
Gall bladder? maybe
I'm up and in stomach and back pain. pain hit at 11 O'clock and wont' stop. Last night i had pain for several hours but it stopped. not tonight. I've had four attacks since October and i really think it is my gall bladder being bad. chills like crazy. i have an appointment with my Doctor at 10:45. Hopefully he can figure out what it is. I am actually groaning too due to the pain an i dont' think it's bad enough to groan for but my body does.
my little kitty tried soothing me but to no avail so i thought i'd get on the board and read awhile.
my little kitty tried soothing me but to no avail so i thought i'd get on the board and read awhile.
Last edited by nativetexan; 02-28-2012 at 02:24 AM.
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