Exactly how does PMI insurance work if a home goes into fore

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PostPosted: Thu Mar 05, 2009 5:11 am   Post subject: Exactly how does PMI insurance work if a home goes into fore  

How does the mortgage company collect on the PMI if a mortgage is foreclosed on? If a coveraed propetry is sold at a sheriff's sale and the proceeds goes to the mortgage holder does the insurance then pay to the mortgage company the difference between the sale price and the mortgage balance?

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PostPosted: Fri Mar 06, 2009 1:29 pm   Post subject:   

i suppose this is the topic of mortgage forum.so it will be better to post this thread to mortgagefit forum. Arrow



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