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Old 12-21-2007, 01:30 AM
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Default Does mortgage insurance kick in when a...
...mortgage goes into foreclosure?
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Old 12-21-2007, 07:04 PM
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Depends on the type of loan it is and who wants to make the claim.
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Old 12-21-2007, 11:54 PM
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Default Mortgage insurance in foreclosure
No, mortgage insurance does not kick in when a foreclosure notice is issued. Depending on the MI company a loan modification can be done without a contact there are a few that have to approve a loan modification. The reason for mortgage insurance is to protect the lender and most loans do not have MI. It is there to make a lender whole in case of a foreclosure sale or short sale. The MI company will cover a spread typically 20% of a foreclosure.
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