by Guest » Wed May 16, 2012 07:44 am
I had a PMI on my home. It got cancelled 5 months back, due to missed payments. Almost 70 percent of my mortgage has been paid off. What i want to know is, will I have to renew the same policy ? Or can I purchase separate home insurance policy now ? If yes, can I buy the policy after a few months gap ?
Posted: Wed May 16, 2012 12:49 pm Post Subject:
As I've known, PMI is built into the mortgage payments. It protects the lien holder if the person defaults on the loan. I can't see how the home owner could "miss" PMI payments.
Also, if you have a mortgage and fail to keep home owners insurance, your mortgage company should obtain coverage to protect themselves in the case of damage and add that bill to your mortgage payments. It might take them a few months to be notified but this is usually what happens. That coverage provides you nothing and it's _very_ expensive.
You need to re-obtain a homeowners policy. Contact an agent about this.
Add your comment