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  #21  
Old 08-15-2011, 05:40 PM
DonnaMaria
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Originally Posted by rearnakedchoke View Post
yeah .. i was kidding though .. but maybe you are just humouring me .. LOL
yeah........I know you were. I guess I wasn't "joking" per se.......just bringing up another point for Dave. Life is filled with things that absolutely suck. And it isn't fair. But such is life.

I don't want debt forgiveness.......what I want is a bail out!!!! If the big banks can get one then I should be able to get one too!
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  #22  
Old 08-15-2011, 05:45 PM
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AND it would have been better off for me if someone had looted my house and then burned it to the ground. I have insurance for that! But they don't have insurance to protect you from a spouse with an addiction.

Life sucks! That's why I'm glad heaven awaits me at the end of it all!!!

If it wasn't for my kids I would skydive......base jump......run with forks...........

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  #23  
Old 08-15-2011, 06:28 PM
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Originally Posted by DonnaMaria View Post
......run with forks...........

Or scissors!!
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  #24  
Old 08-15-2011, 08:02 PM
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Dave I'm sorry to ask a dork insurance ? but i can't help it. so they have insurance on there building so what does it pay for? i mean here building insurance (any structure) insurance that has a mortgage has the mortgage listed and any damages to structure are paid by check with the mortgage holders name and the insureds name. I wonder if the story you heard was incorrect. I think the reporters wanted to have a juicy story. Why would a bank loan a money on a building with no written proof they would get paid back if the collateral was destroyed. that does not make good business sense.

If a building in the US was destroyed by fire the mortgage company would either expect to be paid back in full or the building to be rebuilt the same way it was when they loaned money on it. That is why they require that insurance. They don't want to hold a loan on a piece of property that is not worth anything.

I could go on and more in depth with insurance talk but i will leave it at I think the story that you heard is not correct
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  #25  
Old 08-15-2011, 08:22 PM
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Originally Posted by Twinsmama View Post
Dave I'm sorry to ask a dork insurance ? but i can't help it. so they have insurance on there building so what does it pay for? i mean here building insurance (any structure) insurance that has a mortgage has the mortgage listed and any damages to structure are paid by check with the mortgage holders name and the insureds name. I wonder if the story you heard was incorrect. I think the reporters wanted to have a juicy story. Why would a bank loan a money on a building with no written proof they would get paid back if the collateral was destroyed. that does not make good business sense.

If a building in the US was destroyed by fire the mortgage company would either expect to be paid back in full or the building to be rebuilt the same way it was when they loaned money on it. That is why they require that insurance. They don't want to hold a loan on a piece of property that is not worth anything.

I could go on and more in depth with insurance talk but i will leave it at I think the story that you heard is not correct
In England There are three things. Mortgage, This is the money you have borrowed as a loan from the bank to buy the property. You buy the porperty from an Estate Agents. You have to pay the estate agents in full, so what you do is you go to a bank, and they tell you based on your income, what they will lend you in order for you to add to your own money to buy the house. You then pay them back. It usually requires paying a certain amount per month, and mostly it takes TWENTY FIVE YEARS to pay back in full because they add interest. If you sell your house before you pay them, you pay them off in full from the sale of your house, and go to another bank and begin again, or, sometimes the same bank can transfer your mortgage from one property to the other. THIS is the money I am talking about.

Building insurance is taken out to cover the cost of rebuilding in the case of Structural damage...but if you rent, or part buy, thats the responsibility of the land lord.

Contents insurance is an option, which allows you to list your valuables, pay a rate, and then if they get distroyed, so long as you pay an aggreed sum, you get the financial value of your valuables back.

Does that help you make sense of it?
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  #26  
Old 08-15-2011, 08:31 PM
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Dave, the banks in America require you to purchase an insurance on your mortage loan that will pay them (the bank) their loaned money back in case of something like this. If you don't purchase it then they (the bank) will purchase it for you and tack the insurance premium on to your monthly loan payment.

Does that help you understand why we don't understand why your banks don't do the same thing?
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  #27  
Old 08-15-2011, 09:02 PM
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Originally Posted by Neezar View Post
Dave, the banks in America require you to purchase an insurance on your mortage loan that will pay them (the bank) their loaned money back in case of something like this. If you don't purchase it then they (the bank) will purchase it for you and tack the insurance premium on to your monthly loan payment.

Does that help you understand why we don't understand why your banks don't do the same thing?
Mortgage insurance

No...see I think the Written Contract in England is so strong that if you fail to keep up your payments...the banks simply take your home away from you as payment...its called repossession

Hows thats for "insurance"
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  #28  
Old 08-16-2011, 01:19 AM
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Originally Posted by Tyburn View Post
Mortgage insurance

No...see I think the Written Contract in England is so strong that if you fail to keep up your payments...the banks simply take your home away from you as payment...its called repossession

Hows thats for "insurance"
The same is true here. If you fail to pay the loan payments then the bank forecloses on your home. However, that wouldn't help the bank much if the house has burned to the ground now would it. It seems to be all the same with the exception of mortgage insurance to protect your loan. How is that for covering all of your bases?
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  #29  
Old 08-16-2011, 02:54 AM
atomdanger
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Im confused, they don't have insurance in England?

I understand being a renter and not having renters insurance.
But a home owner? That's just stupidity.
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  #30  
Old 08-16-2011, 12:21 PM
Twinsmama
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Originally Posted by Tyburn View Post
In England There are three things. Mortgage, This is the money you have borrowed as a loan from the bank to buy the property. You buy the porperty from an Estate Agents. You have to pay the estate agents in full, so what you do is you go to a bank, and they tell you based on your income, what they will lend you in order for you to add to your own money to buy the house. You then pay them back. It usually requires paying a certain amount per month, and mostly it takes TWENTY FIVE YEARS to pay back in full because they add interest. If you sell your house before you pay them, you pay them off in full from the sale of your house, and go to another bank and begin again, or, sometimes the same bank can transfer your mortgage from one property to the other. THIS is the money I am talking about.

Building insurance is taken out to cover the cost of rebuilding in the case of Structural damage...but if you rent, or part buy, thats the responsibility of the land lord.

Contents insurance is an option, which allows you to list your valuables, pay a rate, and then if they get distroyed, so long as you pay an aggreed sum, you get the financial value of your valuables back.

Does that help you make sense of it?
No still makes no sense. I still think there is some information not correct.
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