What To Do In case Of Loss Occurrence

In case of loss occurrence under articles of spoil or destruction of real estate it is necessary to inform manager of creditor bank and an insurance company about it as soon as possible. They in return will try to react as soon as possible having sent the employee to a site of occurrence. You will be able to specify on the phone about necessary documents which you need to submit in this situation.

In case of spoil the borrower will be the receiver on the insurance and received money will be given for restoration of real estate object. In all other cases payment will be received by borrowing bank. The only thing that the borrower in this case can receive is a difference between the mortgage cost and not paid mortgage but just in case when the insurance was made for all crediting term.

If the borrower got into a situation of total insolvency and didn’t make a certain quantity payments on credit the bank has a right to exempt mortgage property. If this property doesn’t cover total amount action of an insurance policy, which covers financial liabilities of the borrower to bank, comes into force.

In case when the borrower is recognized disabled for a certain time his liabilities on the credit are paid by the insurance company up to the moment of complete recovery. If the person, who took credit, loses working capacity forever the mortgage transforms into his property and credit liabilities are paid by the insurance company. In case of death of the borrower the mortgage property passes to his heirs and payments are also made by the insurance company.

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