I was thinking, given that there are so many foreclosures and so many people struggling to make ends meet...
What is the role of the mortgage insurance then?
I know I have had mortgage insurance on some of my rentals, no all of them, but what does that really mean?
If a borrower can't pay anymore then the bank gets paid by the insurance and then the insurance tries to collect from the borrower? or can the borrower just walk away? how does that work?
Anybody here really knows about it?
What is the role of the mortgage insurance then?
I know I have had mortgage insurance on some of my rentals, no all of them, but what does that really mean?
If a borrower can't pay anymore then the bank gets paid by the insurance and then the insurance tries to collect from the borrower? or can the borrower just walk away? how does that work?
Anybody here really knows about it?
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