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re: PMI: Someone explain this to me again?
Posted on 3/31/09 at 8:52 am to MikeBRLA
Posted on 3/31/09 at 8:52 am to MikeBRLA
quote:
As you can see, PMI doesn't stop a foreclosure since the PMI claim takes place AFTER a foreclosure if the proceeds from the sale of the home don't cover the balance of the loan.
Okay. But doesn't that mean the bank still gets its money?
2
Posted on 3/31/09 at 8:55 am to coloradoBengal
quote:
Okay. But doesn't that mean the bank still gets its money?
I could be wrong, but I believe there are two issues involved. First, many lenders dropped a second loan so that PMI would not be incurred. Second, many of the PMI companies are troubled financial entities.
eta: its also insurance. Which is a total scam. We will take your money, but not pay it out when we owe it.
This post was edited on 3/31/09 at 9:03 am
Posted on 3/31/09 at 8:58 am to coloradoBengal
quote:
Okay. But doesn't that mean the bank still gets its money?
As far as I know yes. But I'm not in the industry any longer, and I was never involved with that side of it.
Perhaps someone who deals with foreclosures could verify this or correct me if I'm wrong.
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