On Oct 26, 12:42 am, Too_Many_Tools wrote:

Not to be insulting but you obviously need to do some homework.

Walk into your bank and ask the loan officer for a 500K loan.

You won't get it.


I kind of did that a few months back. It was not going to be a
problem. Of course I was looking at about 400k$, but I did not get
any indication that more would be a problem.

The people who just lost their homes will need this kind of money.

Their asset just burned to the ground.

Insurance money...IF it is paid out...will not cover rebuilding.

Loan companies are usually very good at being sure that the collateral
for any loan is insured for more than the amount of the loan. Now
often the amount owed is based on what the cost was to buy, not the
cost to rebuild. So the insurance may not be enough to cover
rebuilding, but is almost sure to cover more than the amount owed.

Companies are already trying to weasle out of paying....it was an act
of God.

Fire insurance is fire insurance. On the other hand insurance for
wind damage is not flood insurance. I don't have any flood insurance,
but don't expect I will need any.
Dan


Meanwhile the bank still wants their mortgage payment by the end of
the month.

TMT