As of the first day of April, the death toll from the Washington State mudslide has risen to about 29. A total of 29 people were found dead in the massive debris that was left. This catastrophe took a hold of thousands of people. Unfortunately, the homeowners who fell victim to this mudslide lost their homes. The victims in the city of Oso, WA will still continue to owe payments on their home loans. Washington’s Department of Financial Institutions says that mortgages are legally binding contracts, even if the homes are destroyed and out of existence.
Not all of the banks in Washington are remaining silent. CEO of Coastal Community Bank, Eric Sprink, has branches in Darrington and Arlington and he says that his bank will be willing to forgive any uninsured debts that the victims of the mudslide may have.
“Whether it’s a deed of trust tied to their house or it’s a car loan, or an business loan that they were running out of their house, and they’ve lost all their equipment and records and files, and there’s not just mortgages that we’re talking about here,” said Sprink. He continued to say that Coastal Community Bank is ready to stand behind their customers and they will write off their debts if insurance doesn’t assist the homeowners. Other banks in Oso may only offer their customers a temporary break on their payments.
The state is recommending the survivors of the mudslide or the heirs of victims who died to call their banks to work something out and come up with some solutions to their financial debts and mortgage problems. The sad truth is that if the survivors or family heirs will not be able to pay off their mortgages, which may cause them to file for bankruptcy and that will be a long, devastating process. They already have to deal with a natural disaster that put their lives in jeopardy, something that was a life or death situation. Now they are forced to face the financial burden of continuing to pay for a mortgage on a house that is no longer standing. Their homes are crumbled.
Ace Mortgage Loan Corporation is a mortgage company located in Coral Springs, FL. For over 10 years, we have been serving the cities of Coral Springs, Boca Raton, Coconut Creek, Pompano Beach, Delray Beach, and Davie, providing them help with their mortgages and home loans. Our clients’ interests always come first. It has been our experience when putting those interests first, our own success will follow. If a major disaster hit Broward or Palm Beach counties, Ace Mortgage Loan Corporation would do whatever we could to help the victims and their families.