Does PMI help with mortgage payments due to job loss?

Message Author
ampm-bookmark
delicious-small Add to del.icio.us
yahoomyweb-small Add to YahooMyWeb
simpy-small Add to Simpy
blinklist-small Add to BlinkList
PostPosted: Wed Feb 24, 2010 2:20 am   Post subject: Does PMI help with mortgage payments due to job loss?  

I purchased my home in 2002 and I recently got laid off after 15 years on my job due to plant closure. I want to know if PMI assist with mortgage payment when there is job loss.
emealey66
New member
Leave a quick message


Joined: 24 Feb 2010
Posts: 1


1.30 Dollars($)

PostPosted: Wed Feb 24, 2010 3:25 am   Post subject:   

Nope
Trench
Senior member
Leave a quick message

Trench
Joined: 16 Sep 2009
Posts: 911

Location: Kansas City
152.85 Dollars($)

PostPosted: Wed Feb 24, 2010 4:40 am   Post subject:   

As mentioned, no. PMI has been discussed before... it's insurance for the mortgage company_, not the home owner. It allows the mortgage company to make the loan as they know they will still get paid even if the person stops making payments. I'm under the impression if the PMI carrier pays then they can pursue recovery against the home owner.
tcope
Forum Expert
Leave a quick message

Forum Expert
tcope
Joined: 22 Nov 2006
Posts: 5066

Location: Salt Lake City, UT
272.53 Dollars($)

PostPosted: Wed Feb 24, 2010 10:46 am   Post subject: Private Mortgage Insurance  

Private Mortgage Insurance protects the lender's interest in the property. It would not help you with your mortgage payment.
Veronica
Preferred member
Leave a quick message


Joined: 01 Feb 2010
Posts: 191


33.01 Dollars($)

Quick Reply
Your Name
Subject
Message body
All times are GMT
Page 1 of 1


Get Free Insurance Quote
*State:
*Insurance type:

Ask Community Experts

flash plugin

Quick Links
Must See
Community
Insurance on Facebook
Hot topics in forums

Latest in blogs



Page loaded in 0.274 seconds.