Regarding the insurance question. My mother had serious damage to her house due to a hurricaine. The initial insurance payment went to the lender to pay off the note. She then applied for a construction loan to rebuild the house, and then once the U&O certificate was issued, she refinanced into a traditional, brand new mortgage. She ended up even to a little bit ahead when all was said & done. This was many moons ago but I assume the process is the same. The lender doesn’t care if you leave a burned out shell. But generally the city/township does. They can’t make you rebuild, but they can make you take down the damaged building and landscape the lot. Not sure what effect/power the HOA has in such a situation though. My thoughts and prayers to all affected.
