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What happens to your existing mortgage if a storm damages your home and is declared a total loss by your insurance company? Do you replace the home under the current mortgage or do you need to finance an entirely new mortgage?
November 17, 2017 12:52:44 PM
In reply to Shannon, Richmond
Hi Shannon! Thanks for reaching out to us at TD Helps.
It sounds like you may have recently lost your home to a storm. We'd like to first express our deepest sympathies during this difficult time. We're happy to know that you're safe and well enough to write in to us. We hope that your entire family is also safe and unharmed.
Should your home be deemed a "total loss" by the insurance company, your mortgage should not change. How it would work is that your insurance company should issue a check for the repairs or rebuild. You would then bring that check to TD Bank where it would be put into an account. This account would be set up like a Construction Loan so that work can be completed to rebuild your home with funds disbursed at each step of completion.
The whole process should be relatively simple and we'll talk to you through every step. If you have any additional questions, please don't hesitate to give our Financial Solutions Group a call 24/7 at 800-937-5020. As always, you're always invited to visit us at any of our Stores to be assisted in person. To find a TD Bank Store near you, please click here: https://go.td.com/1nq31dc.
As we see that you're writing to us from Richmond, we know that this may also be in regard to a loan with TD Canada Trust. If so, we recommend posing your question to our friends at TD Helps in Canada, by clicking here: https://go.td.com/1QBOF4U. You may also speak with a representative at TD Canada Trust directly by calling a Mortgage Specialist at 800-722-3098. We also want to provide you with a link to all of TD Canada Trust's contact info. You can find that by clicking here: https://go.td.com/2tp27BR.
Again, we're very sorry to hear about your home and wish you all the best in the rebuild. Take care, Shannon.
Candice A, Mount Laurel
November 17, 2017 12:55:42 PM