Natural Disaster and Mortgages

As you watch the news about tornadoes, floods and hurricanes, you might want to think about how this will impact your ability to borrow against your property.

Once a County is declared a Natural Disaster Area, no mortgage can close in that county until the lender has determined that the home is sound. Sometimes the appraiser must return to the home or a lending officer needs to inspect the property to certify that it is not damaged before closing.

If you have a property under contract to buy or sell, the fine print of your contract determines how natural disasters are handled.

Natural Disasters are not limited to hurricanes in Florida. Could be a volcano in Hawaii! Be ready for a delay if a Natural Disaster Strikes.

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