Consumption and Real Estate
after the private mortgage insurance pays the mortgage who owns the property and what happens to the property.?
Question : after the private mortgage insurance pays the mortgage who owns the property and what happens to the property.?
Since the homeowner is paying the premium, what are the rights of the homeowner?
property mortgage insurance
Best answer:
Answer by acermill
The homeowner pays the premium, but the insured is the mortgage lender. The lender receives payment on that portion of the mortgage which the PMI covers. The house is foreclosed from the owner because of defaulted payments. In other words, the homeowner gets nothing.
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