Multiple Mortgagees

February 4, 2014

There was a fire loss in Wisconsin where the seven-figure home sustained a devastating house fire. The house had a collateralized second mortgage for around $290,000t. The loss was denied. The insurer owes the homeowner's mortgage company for the $290,000, but are they obligated to pay any other mortgages off on the other fully collateralized mortgages (with other individuals involved that are not a named insured on the original policy) that are comingled with the initial second mortgage in question?

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