The extreme weather ripping through the southeastern United States is a sobering reminder for all of us in emergency preparation. Do you know what to do if your home is damaged or destroyed by a natural disaster? What happens to the mortgage? What if you can't make a payment?
The Consumer Financial Protection Bureau has free resources to help you make informed financial decisions in that situation. They've put together a quick check list worth reviewing here.
One of the most important facts is "Damage to your home does not stop your responsibility to pay your mortgage. So you should contact your mortgage servicer and tell them about your situation."