Katrina and your mortgage.

[scostorms]

I'm not saying this as a joke, but to all those thousands of homes affected by the flooding and the hurricane in the area... Does everyone still have to pay their mortgage?

[Courtnay Mccullers]

of course. insurance companies are going to foot a massive bill. that's what insurance is for.

[Louise]

I was wondering the same thing! I wouldn't. Most people won't and why give money for a house that's probably destroyed and it could take months to get the insurance money.

[drudd1]

I was wondering the same thing! I wouldn't. Most people won't and why give money for a house that's probably destroyed and it could take months to get the insurance money.

Because if you don't, the insurance company will be building it back for someone else.

[robjay]

The way the founding fathers intended our laws to be, those that gave loans took a certain amount of risk and debtors were allowed bankruptcy if they were unable to pay. I think this Congress passed a bill to do away with all that and shame on them - the credit card copies bought your representatives and most of them were Republicans!!! If I were a Republican, this is an excellent time to back out of your bad bill!! Believe me, I will never vote for a Democrat unless for some outstanding issue (i.e. prolife), but the Repulicans did themselves in on this one.

[FloridaDiver]

I was wondering the same thing! I wouldn't. Most people won't and why give money for a house that's probably destroyed and it could take months to get the insurance money.

It’s not like you “wouldn’t” pay your mortgage, it’s more likely related to you “couldn’t” pay your mortgages, very easy hypothesis to understand. Most businesses are destroyed, so the income stream is gone as well, no work, no money, no mortgage payments. These poor families have much more on their mind, looking for loved ones and basic survival instincts are more important at this time them worrying about ones mortgage payment.

[flashflood]

After Hurricane Andrew, most Banks extended our payment schedule without any penalties, so we had a few months to get our insurance and fema claims in. Most pepople I knew who lost their houses had their insurance company pay off the mortgage and left to start over far away from any Hurricanes. Also, some credit card compaines extended payments as well.

[kometes]

Watch for insurers to bail out of the gulf coast, if they haven't already. Those that will still write policies will jack up the premiums.

Oh, and if you had private windstorm insurance, welcome to the pool.

[Courtnay Mccullers]

The way the founding fathers intended our laws to be, those that gave loans took a certain amount of risk and debtors were allowed bankruptcy if they were unable to pay. I think this Congress passed a bill to do away with all that and shame on them - the credit card copies bought your representatives and most of them were Republicans!!! If I were a Republican, this is an excellent time to back out of your bad bill!! Believe me, I will never vote for a Democrat unless for some outstanding issue (i.e. prolife), but the Repulicans did themselves in on this one.

you say shame on the the loaner... but really... it all balances out. because they assume such little risk, they are able to give us lower interest rates. if anytime a home was destroyed, the person didn't have to make good on the mortgage, the bank would have to charge much, much higher rates to cover their risk.

[BUD]

I was wondering the same thing! I wouldn't. Most people won't and why give money for a house that's probably destroyed and it could take months to get the insurance money.

Then you will be taken to court and and your wages will be garnished.The only thing is the Mortgage companys "might" wait 6 months for a payment before they start taking people to court.If I were them I move to Texas a NON-garnished state and start all over.