What Happens to Your Mortgage If Your Home is Damaged in a Wildfire

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 21 January 2025

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

The wildfires in Los Angeles destroyed thousands of structures across the city. Borrowers whose homes burned down are still on the hook for their mortgage. Wall Street Journal reporter Gina Heeb joins host Ariana Aspuru to discuss what options homeowners have to help with monthly payments. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:32.4	Here's your money briefing for Tuesday, January 21st. I'm Mariana Aspuru for the Wall Street Journal.
0:40.6	The historic wildfires across Los Angeles have left at least 25 people dead,
0:45.7	displaced thousands of residents, and destroyed more than 12,000 structures across multiple
0:50.2	areas of the city. So what happens to the mortgage on a home that's been damaged in a fire?
0:55.5	Borrowers are still ultimately on the hook for a loan and any mispayments, so they have to pay them
1:01.6	whether now or later. And I know it can seem like it might not make sense to keep paying a mortgage
1:07.5	on a house that, for example, burned down, especially if you lost your job
1:12.6	because of a natural disaster.
1:14.6	Wall Street Journal reporter Gina Hebe joins me to discuss what options homeowners have after the break.
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