• Detached garages up to 10% of building property coverage (detached buildings other than garages require a separate building property policy) • Debris removal You can find out about the flood risk of any property at FloodSmart.gov or via the FEMA website map. Federal Emergency Management Agency. "FEMA Flood Map Service Center: Search by Address." Forbearance Forbearance is when your servicer allows you temporarily to pay your mortgage at a lower rate or temporarily to stop paying your mortgage. Your servicer may grant you forbearance if, for example, you recently lost your job, suffered from a disaster, or from an illness or injury that increased your health care costs. Forbearance is a type of loss mitigation. Foreclosure Foreclosure is when the lender or servicer takes back property after the homeowner fails to make mortgage payments. In some states, the lender has to go to court to foreclose on your property (judicial foreclosure), but other states do not require a court process (non-judicial foreclosure). Generally, borrowers must be notified if the lender or servicer begins foreclosure proceedings. Federal rules may apply to when the foreclosure may start. HOA dues Condo units, co-ops, or a home in a planned subdivision or other organized community with shared services, usually have monthly fees or Homeowners’ Association (HOA) dues. These fees are specific to the development. Condo, coop or HOA fees are usually paid separately from your monthly mortgage payment.
Homeowners’ Association (HOA)
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