High Fire Danger and bank loans
We own 2 homes in Sacramento and a home in Anchor Bay, California. One in Sacramento is a residence, one is a rental, and the small home in Anchor Bay has been a vacation home for us. My husband and I are ending our work careers and are looking to sell or rent out a home in Sacramento or in Anchor Bay. Recently people have told me that they are losing their home loans in Anchor Bay, due to being in an area designated as high fire danger. If they can find replacement insurance, it is extremely high. My question is this. If we were to lose our homeowners insurance, can the bank call in our 30 year loan?