Re: approaching forclosure in MI
Posted by NJD on January 26, 2008 at 08:20:28:
In Reply to: approaching forclosure in MI
Posted by Becky on January 25, 2008 at 16:48:39:
PMI is an insurance against risk of loss for the benefit of the lender. Not you. If PMI pays on a claim, it may require the lender to come after you and try to recover... just like auto insurance.
If you cause an accident which damages the other driver's car, you'll be asked to pay, and if y ou can't, your insurance carrier will be presented with the bill. Eventually, the other driver's insurance carrier will pay but will likely go after you to recover.
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