Modular home after a Fire

[Valerie Wright]

Ok, I am going to try to keep it short so as to not confuse anyway. I had a house fire on my rental. The insurance company did not consider it a total loss. I hired a private adjuster company that worked with my insurance on my behalf. With that being said, i received the settlement check after the PA was paid. I still have a mortgage on the home and plan to rebuild. HOWEVER; after speaking with several contracts; it is not best for me to rebuild this home in this area for price of the rebuild. Another option I have is to replace the property with a modular home. I spoke with planning and building and they said that I could do this for the area as long as the home met the requirements regarding square feet and siding etc.

My questions what this mean for my mortgage and insurance for the property. I have not be able to find a clear answer regarding this. Do I need to ask permission to do this from my mortgage company; does this change the insurance policy.

Thanks in advance