Newspaper article The Topeka Capital-Journal

Mortgage Insurance Can Be a Useful Tool

Newspaper article The Topeka Capital-Journal

Mortgage Insurance Can Be a Useful Tool

Article excerpt

Dear Bruce: Can you please explain PMI insurance? -- Reader

Dear Reader: PMI is private mortgage insurance. If you have little money to put down on a house, your lender may require you to pay for an insurance policy to protect itself. If you can't pay for your mortgage, the mortgage will be paid at least up to 20 percent of the outstanding balance, which should enable the house to be sold at a break-even point.

Dear Bruce: I lost my job in 2012. I notified U.S. Bank, my 80/ 20 lender, of the impending inability to pay and desire for short sale. I had a buyer lined up. Bank of America agreed, but U.S. Bank dragged its feet and the deal collapsed. Fast forward to today. Bank of America long ago stopped trying to collect payments, and the property was seized. locks were changed. U.S. Bank continues to send me bills to this day! …

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