Does PMI insurance cover a delinquent mortgage after forclosure and sherrif's sale?
With PMI insurance, and a home in foreclosure and already sold...I have heard that the insurance covers the mortgage that fell delinquent. Is this true? I haven't heard from the bank and I would think that after so long, they would try to find me for payment. Please help with anything you may know about the PMI.
Asked By: Ashley - 10/15/2008
Best Answer - Chosen by Asker
My understanding is that PMI covers up to 20% of your original mortgage... More
Answered By: Gem - 10/15/2008
Additional Answers (1)
you still owe the money. PMI is set up to protect the lender but that doesn't give you a free pass
Answered By: golferwhoworks - 10/15/2008
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