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Foreclosure in 60087 : Real Estate Advice

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Activity 4
Sun Feb 3, 2013
Suzanne MacDowell answered:
HI Sharon,

This is really a legal question and I would strongly recommend you consult with an attorney. However, if you are talking about getting paid TWICE then, in my lay opinion, the answer is no. The bank is entitled to be made whole, paid in full, but they are not entitled to receive anything more than that. Just double check that answer with an attorney, please!

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Thu May 3, 2012
Jay asked:
I have all the tool's that i needed to winterize a house!!I have truck and trailer!!Lawn mower's .a crew of ppl .But i want to go right to the source ..Im sick of being the mi...
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Wed Jun 29, 2011
Tona2802 answered:
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Thu Oct 27, 2016
Paula Nierman answered:
PMI does not cover the owner of the property. It only insures the lender for the portion of the loan that exceeded 80 percent of the value of the property on the date you obtained the loan. If you fail to make your payments or walk away from the loan and never pay it back or if you sell the home for less than the value of the mortgage, the lender has insurance on that portion of the loan.

When you failed to make your payments your lender probably filed a claim with the PMI company. The PMI company may pay off that claim with your lender and the lender may then sell the loan to a new lender.

That new lender then has the right to collect from you the full amount owed under the loan. In some cases, if the PMI company paid off the claim, the PMI company could come after you for the repayment of the amount paid to the first lender for the PMI claim.

There are some exceptions in which the homeowner might not have to pay the full amount of the loan back to the lender. One of these exceptions is when the borrower files bankruptcy and all or part of the loan debt is released. Every situation is different and I advise that you ask questions to all parties involved to get a complete understanding that is specific to your situation. I hope this helped. Good luck to you.
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