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Mortgage insurance companies sue former homeowners - OC Housing News
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2015 Jan 21, 6:41am 1,387 views 1 comment
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zzyzzx
2015 Jan 21, 6:54am
zzyzzx
2015 Jan 21, 6:54am
House that was purchased for 389,500 sold at auction for $101,500!
Somebody got screwed in the initial purchase and/or a deal in the foreclosure!
Important part of the article:
Each of these borrowers could have purchased a policy for themselves in addition to the one they were forced to buy for the bank, then they would have been covered for the loss; however, that would have been expensive, so nobody does it.
http://ochousingnews.com/blog/mortgage-insurance-companies-sue-former-homeowners/
Mortgage insurers have the right to collect from former homeowner on losses the mortgage insurer incurred in a foreclosure.
Source: http://ochousingnews.com/blog/mortgage-insurance-companies-sue-former-homeowners/#ixzz3PT1UGHnV
#housing