PMI and foreclosure question
Posted by Byrd on November 27, 2007 at 05:56:20:
My home was foreclosed on in May 2004. We tried to go deed in lue, but the bank would not accept and proceeded with the foreclosure. Yesterday, 11/26/2007, I received a notice from a lawyer where an amendment to the judgement in 3/2006 was granted to MGIG, Mortgage Guarantee Insurance Group to collect the deficency from what the house sold for to what was owed on the house, $25,000. My two questions are, shouldn't PMI have covered the difference in the price? And Can PMI come after me for that difference. I have no idea who MGIG actually is or how they work into my loan. I have contacted the bank to find out who the PMI company was on my loan, but they have to get it out of a purged file section and get back with me. Can anyone suggest any what my options may be at this time?
Follow Ups:
- Re: PMI and foreclosure question - NJDave 14:34:42 11/27/07
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