MI question

ravik · Joined: 07 Sep 2007 Posts: 22 10.42 Dollars($)

I know mortgage insurance helps lender in insuring the loan amount. If the borrower fails to pay, the insurance co will pay the lender the amount due. What will happen to the property?? who will get the property???

livinginnky · Posted: Fri Sep 21, 2007 8:49 am Post subject:

The lender still gets the property as your mortgage insurance like all insurance is for a certain coverage amount. Meaning the insurance company doesn't just give them what they are owed. Not to mention it costs a lender upwards of $10,000 or more to foreclose on you.

An addiitional thing most people don't consider is their own MI. You can purchase private mortgage insurance for yourself. Although it is usually quite expensive and you have to be careful of the fine print.

All times are GMT - 7 Hours

Page 1 of 1