HELP!!! We owe too much on a truck..their is no leinholder?
Jan 28, 2010
in
Commercial Mortgage FAQ
We owe too much on a truck..way more than it’s worth..it’s financed as a second mortgage.(Commercial Loan) ?? What would happen if the truck was totaled? Would the insurance company pay for what we owe on the truck? Just curious.
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5 comments
Scott H on January 28, 2010 at 10:46 am
No. If their investigation didn’t find any evidence of insurance fraud, they are obligated to pay you the actual value of the truck. They will not, nor are they required to pay you what you still owe on the loan. That is your problem, not theirs.
JetDoc on January 28, 2010 at 10:46 am
No. The insurance company would pay the fair market value of the truck, which is about the same thing a car dealer would give you on a trade-in.
Nomadd on January 28, 2010 at 10:46 am
You don’t owe anything on a truck. You owe it on whatever property the mortgage is on.
The insurance company would pay what the truck is worth.
William on January 28, 2010 at 10:46 am
No. They would only pay retail value.y the way this would also be the case if you had a car loan and your weren’t insured for replacement cost.
Joyce_m rosalinda on January 28, 2010 at 10:46 am
Blessings , no the insurance will only pay what the chuck is wort they will sent some one to check it out and just pay for it to be fix , matter of fact this just happens to me and my husband a week ago and the guy came over wrote a report and told us how much we was goingt to get to have our chuck fix we are still waiting an the check, and our chuck is still in the shop ready to go.