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pamelane03 · Joined: 18 Nov 2009 Posts: 2 1.58 Dollars($)

If our home is foreclosed and we have PMI when they sell the home and do not get the entire amount we owe in the sale -will we owe the difference or will the PMI cover the difference? i mean what kind of debt are we looking at after it is a done deal?

gmakerley · Posted: Thu Nov 19, 2009 10:31 am Post subject:

private mortgage insurance isn't likely to cover the deficiency. it's structured to cover a certain percentage of the loan, depending on the particular plan; and foreclosures generally go for so much less than original loan amounts, the mi companies won't be able to cover it.

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how about PMI