totaled home who gets it?

In the event that a home is totaled, the ownership and disposition of the property will depend on various factors such as the cause of the damage, insurance coverage, and any outstanding debts or liens on the property. If the home was destroyed due to a natural disaster such as a hurricane, earthquake, or wildfire, the insurance policy of the homeowner may cover the damages. In such cases, the insurance company will typically pay out a sum of money to the homeowner equal to the assessed value of the property. The insurance company may also pay out additional funds to cover any outstanding mortgage or liens on the property. If the homeowner does not have insurance coverage for the damages or if the payout from the insurance company is not enough to cover the outstanding debts, the ownership and disposition of the property may become more complicated. In such cases, the property may be foreclosed upon by the bank or mortgage lender if the homeowner is unable to continue making payments on the mortgage. Alternatively, the homeowner may choose to sell the property to a buyer who is willing to purchase it as-is, even if it is in a state of disrepair. In such cases, the sale may be conducted through a short sale or auction, with the proceeds of the sale going towards paying off any outstanding debts on the property. In cases where the homeowner has passed away and the home was left to heirs, the disposition of the property will depend on the terms of the will and the probate process. If the property was bequeathed to multiple heirs, they may have to work out a solution for the disposition of the property, such as selling it and splitting the proceeds. In summary, the ownership and disposition of a totaled home will depend on the cause of the damage, insurance coverage, outstanding debts or liens on the property, and the terms of any will or probate proceedings.