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 Posted: Tue May 01, 2007 11:13 pm Post subject: i have been claiming on my mortgage insurance for the past e |
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i have been claiming on my mortgage insurance for the past eight months, do i still need to make the insurance payments whilst claiming
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| Posted: Wed May 02, 2007 1:13 am Post subject: |
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I'm not sure what "claiming on my mortgage insurance" means and how this would involve an 8 month period. The only "mortgage insurance' I know of is PMI... and that protects the loanee.
Do you mean your Home Owners insurance? If so, you only need to keep paying if you still want that type of coverage. If you stopped paying, the initial date of loss (of the claim) would still be covered but you'd not have any insurance coverage after the date you stopped paying.
I really have little idea what you mean, though. |
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tcope
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| Posted: Sat May 05, 2007 12:07 am Post subject: |
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Ok so I am assuming you are either out on disability or unemployment and that you purchased some type of insurance with your mortage to protect you if you were to become disabled or unemployed that your mortgage company would be paid>???? Is this the case? I need some more info here.
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nique1221
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| Posted: Mon Jul 12, 2010 8:55 pm Post subject: mortgage insurance |
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hello
i have been paying monthly accident and health on my mortgage, i am now disabled and i get two different answers from my bank whether or not i am covered, any thoughts
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rtin indiana
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| Posted: Fri Jul 16, 2010 5:23 pm Post subject: |
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| Quote: | | i have been paying monthly accident and health on my mortgage, i am now disabled and i get two different answers from my bank whether or not i am covered, any thoughts |
First thought, "accident and health insurance" is not commonly paid for in relationship to a mortgage. Accidental death is. So if you have not yet died as the result of an accident, there is no claim to be paid.
Second thought, if you do have some kind of accident and health coverage associated with your mortgage, there are probably enough exclusions in the contract that most of what you are paying for is not worth the paper it's printed on . . . gives them too many loopholes to avoid a claim.
If you have a copy of something (the contract, outline of coverage, etc) that you can email or fax to me to look at, I will be happy to assist as best I can. Use the "PM" button below to contact me, or use my email address on my profile page.
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California-licensed Property & Casualty Broker-Agent and Life & Health Agent. CA Insurance License #0596197. Send me your questions, and I'll send you my answers. I live, breathe, and teach insurance! |
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MaxHerr
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| Posted: Fri Jul 16, 2010 5:27 pm Post subject: |
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| Quote: | | The only "mortgage insurance' I know of is PMI... and that protects the loanee. |
I think tcope meant "lender". PMI protects the lender from financial loss if the borrower defaults on the note. The lender usually sells the property to recover as much as it can. If it cannot cover all its costs associated with a foreclosure, then PMI will pick up the difference between that and the unpaid principal.
Don't think I've ever heard of a "loanee" before, but wouldn't that mean the same as "borrower"?
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California-licensed Property & Casualty Broker-Agent and Life & Health Agent. CA Insurance License #0596197. Send me your questions, and I'll send you my answers. I live, breathe, and teach insurance! |
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MaxHerr
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| Posted: Fri Jul 16, 2010 5:31 pm Post subject: |
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| Quote: | | i get two different answers from my bank whether or not i am covered, any thoughts |
Third thought, banks are not insurance companies, even though they sometimes own them or are owned by them. It would make sense that no one at the bank knows anything about insurance, and you could easily get three different answers from two different employees, none of which are correct.
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California-licensed Property & Casualty Broker-Agent and Life & Health Agent. CA Insurance License #0596197. Send me your questions, and I'll send you my answers. I live, breathe, and teach insurance! |
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MaxHerr
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