Posted by Mike on September 15, 2004 at 24:09:57:
Im hoping that New Orleans does not get destroyed by Ivan. What does happen if you have a commercial property and it is destroyed by a flood/hurricane/tornado, etc? Does the insurance pick up and pay off your lender? Im hoping it doesnt take 6 months because how can you make 6 months worth of payments if there is nothing there making money?
Just wondering what happens in scenarios like this?