Mortgage foreclosure with Private mortgage insurance?

Question

Mortgage foreclosure with Private mortgage insurance?

Answer 1

it happens but the borrower is still responsible. So is there any thing else you would like to know?

Answer 2

All the mortgage insurance does is pay the lender if the house does not bring enough at auction to cover the entire loan balance.  It doesnt benefit the ex-homeowner in any way at all.

Answer 3

It's good for the lender. Means they may recoup any loss.

Answer 4

You know how you only pay PMI until you have at least 20% equity? Well, the lender only gets about 20% of what you owe from the insurer. PMI won’t cover the entire loss.  

Answer 5

Indeed!