Does PMI help with mortgage payments due to job loss?

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Posted: 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

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

Nope

Trench

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Posted: 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

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Posted: 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.