Per mortgage rules, the destruction of your home does not automatically relieve you of your mortgage payment obligations. When you take out a mortgage, you sign a promissory note agreeing to make payments regardless of the condition of the property. This obligation doesn't disappear with the destruction of the home. Issue now is what happens when the insurance companies go belly up? We will find out. The insurance market was a disaster in CA and FL before this fire in LA even happened....

That’s a question that thousands of Los Angeles homeowners are confronting as wildfires continue to burn across the region, destroying an estimated 12,000 structures as of yesterday.

Source: IA