Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.2 9/5/84; site wanginst.UUCP Path: utzoo!linus!wanginst!traite From: traite@wanginst.UUCP (Paul Traite) Newsgroups: net.invest Subject: Re: Re: Mortgage Insurance Message-ID: <1286@wanginst.UUCP> Date: Wed, 6-Nov-85 14:39:12 EST Article-I.D.: wanginst.1286 Posted: Wed Nov 6 14:39:12 1985 Date-Received: Fri, 8-Nov-85 07:23:23 EST References: <1229@mhuxt.UUCP> <81@noscvax.UUCP> Organization: Wang Institute, Tyngsboro, Ma. 01879 Lines: 24 > ... If my household should lose my income, could my family > continue to live comfortably in their present home? If the answer is no, > then mortgage insurance should be seriously considered. > ... I don't have a house or a mortgage, but from the discussion on net, it seems that mortage insurance will only pay the balance of the mortgage due to the holder of the mortgage, AFTER ASSETS, OF THE MORTGAGE TAKER, I.E THE HOUSE, HAVE BEEN EXHAUSTED (SOLD). So, if your household loses your income and can no longer make the house payments, then the house would have to be sold. If the receipts from the sale don't cover the remainder due on the mortgage, THEN the insurance policy will kick in the rest, BUT you get nothing out of the insurance. Is my understanding as stated above completely off the wall? Could someone with a mortgage and mortgage insurance read the fine-print legalise and comment? Hopefully not confused, Paul Traite -- uucp ...!decvax!wanginst!traite csnet traite%wanginst@csnet-relay