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Posted by Jay on December 02, 2004 at 22:27:13:
In Reply to: PMI and Foreclosure posted by Terry on December 02, 2004 at 06:54:12:
Terry, depending the PMI they will make whole the lender almost everytime. It's just like personal auto insurance. The problem is the difference could be pursued by the lender or the PMI. If you have savings the lender or PMI will ask you to cash out. Ask if you can sign a 0% promissory note for the difference. I'm sure they could accomodate your request.
j.
: I live in OHIO. I am currenty paying PMI and I can no longer afford my home. I am applying for hardhsip assistance. The question: Will my PMI pay any deficiency of debt to the bank if my house is sold at an auction? I owe 167000.00 and the bank appraised it at 168000.00 but it wont sell for that because of all of the other foreclosures on the street with identical houses selling for 105000.00.
: When requesting hardship assistance, will the bank expect me to cash in my retirement savings to use as an asset?
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