by pamsmith » Tue Apr 28, 2009 04:06 am
Insured died in 2008. left a balance of $46,000.00 on mortgage. No other name on deed or mortgage. Can administrator of estate file claim to have PMI pay off mortgage?
Posted: Thu Feb 11, 2010 02:45 am Post Subject:
My aunt bought the house 2007and she passed away in 2009 she had a PMI on her mortgage before she passed away we were paying her mortgage for almost 6/8 months and also taking care of her in hospital she gave a quit clame deed to us in case of her death she want us to be the benifeshry of that property since passed away we do not have good cradit and our income is arround $60000. what should we do now should we inform bank to reduse the mortgage and replace our name or PMI will pay off the mortgage or what should I do now ??? Please can any body tell me.
Posted: Thu Feb 11, 2010 02:45 am Post Subject:
My aunt bought the house 2007and she passed away in 2009 she had a PMI on her mortgage before she passed away we were paying her mortgage for almost 6/8 months and also taking care of her in hospital she gave a quit clame deed to us in case of her death she want us to be the benifeshry of that property since passed away we do not have good cradit and our income is arround $60000. what should we do now should we inform bank to reduse the mortgage and replace our name or PMI will pay off the mortgage or what should I do now ??? Please can any body tell me.
Posted: Fri Feb 12, 2010 12:33 am Post Subject:
If I were in your shoes, I would call the bank and tell them your situation. They may infact lower the rate, however if you have bad credit they may not. Is there any equity in the property? If so, that may help you and persude the bank to lower the rate. At this point and because of the housing crisis, banks are making a lot of deals these days so they do not want to end up holding the bag.
Posted: Thu Feb 25, 2010 01:35 pm Post Subject: homeowner dies
my ex died,condo in probate only had his name our daughter inherited everything does the pmi pay off loan
Posted: Thu Feb 25, 2010 02:48 pm Post Subject:
No PMI does not pay off the loan in the case of death. PMI protects the lender in the case when the loan is defaulted upon. Is the condo in foreclosure? If so, I think that the proceeds from the probate would actually pay the loan off, if your husband's estate was left to her. But that may not matter.
Posted: Wed Jan 02, 2013 11:58 pm Post Subject: pminsurance
will the pmi pay off mortgage balance when the one and only owner dies. and if so then who owns the home. the wife.and their is no money in the estate.
Posted: Thu Jan 03, 2013 02:29 am Post Subject:
If the owner dies, the owners estate will need to address the matter first.
Posted: Mon Jan 07, 2013 04:43 am Post Subject:
If the owner dies, the owners estate will need to address the matter first.
While technically correct, it does not answer the question.
PMI is not life insurance, and it does not "pay off a mortgage" . . . it is lender's insurance. It only pays when the lender loses money in a default on the mortgage. Unfortunately, too many people misunderstand this.
If the borrower dies, and the mortgage is not paid, the lender will foreclose, the property will be auctioned (or sold), and any loss -- the difference between the selling price and the amount owed to the lender for unpaid interest and other costs -- will be claimed against the PMI.
PMI provides ABSOLUTELY NO PROTECTION for the borrower or his/her family. It is insurance the borrower pays to protect the lender. As such, it is generally a rip-off of mortgage borrowers, but recognizes that borrowers do not always make good on their promises. Without it, however, many borrowers would not obtain the financing they need.
Posted: Tue Sep 15, 2015 02:58 am Post Subject: mortgage insurance
HI, My wife recently died of cancer. We bought a home using an Fha loan that requires mortgage insurance. Both our names are on the loan .Is the loan paid off or adjusted because of her death?
Posted: Tue Sep 15, 2015 04:33 am Post Subject:
Is the loan paid off or adjusted because of her death?
MIP/PMI has nothing to do with the death of a borrower . . . it is NOT life insurance.MIP/PMI protects a lender from a borrower's default on the mortgage, and any loss that results.
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