| Mortgage Forclosure The forum for everything related to Mortgage Forclosure |
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06-29-2009, 11:20 AM
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does Lender paid mortgage insurance Procect buyers from
foreclosure deficiency suits? I'm Having to forclose on my house. I have only lived thier for one year. The value has droped 30,000 since we bought it last year. My question is it's and FHA loan, does the mortgage insurance i pay protect me from diffiecentcy suits in the event that my house does sell short?Thanks
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07-02-2009, 01:39 AM
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Hi There;Please do nt lull yourself into thinking that the mortgage insurance you pay will protect you.It is for your lender only. It insures they will get their money.If it sells short, you may find yourself in trouble with the lender still. I've heard that some lenders will send you a 1099 for the difference if it sells short and puts a major ding in your credit.You never said if you can afford the payment on the mortgage. Is it possible to stay there?I wish you the best. Jeffrey Ragan
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