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Does PMI cover Forclouse

? what will happen if i get foreclosed on and have PMI Miami,FL | Sep 23rd 2010
by Jeff12
Answer


by rdawley

Hey Jeff,Unfortunately PMI doesn't cover you as the borrower. PMI is insurance for your lender (even though you pay for it). If your property goes into foreclosure, the PMI covers the lender's losses up to a certain amount - which is why lenders require PMI when your loan-to-value ratio (loan amount / property value) is greater than 80% (0.8).Hope that helps!Richard DawleyAcceptance CapitalSpokane, WA(877) 928-6000

Sep 23rd 2010
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by INFO@CF...

you need to contact your pmi company

Sep 23rd 2010
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