What I’m wondering is this: with ~45% to 50% equity, why do they even *need* mortgage insurance?
And with that much equity it would seem that the bank would be more interested in keeping them in the house (and paying their mortgage) than adding the property to their already bloated foreclosure inventory.
Something seems funny about this. Are you sure they’re leveling with you?
I will ask him again tomorrow. The insurance was homeowners that Chase went out and bought. There was a mix up when Wa Mu went under. Usually you have the homeowners insurance, it is billed in your mortgage paymenst and you just renew.
Because it is FL, he may have been dropped. They constantly have insurers moving in and out of FL because hurricanes. Nationwide recently cut their exposure to FL.
I have Chase and I am almost paid off. I could write a check today (thank God). I forgot to mail a payment. They called and were aggressive and nasty plus they barely spoke English. I am never late but had a brain fade that month.
I think the banks will want to try to grab the house if you have equity. You would think they would want to work it out.
Not mortgage insurance; homeowners' insurance, which is staggeringly expensive in Florida.